TY - BOOK ID - 84542106 TI - The Impact of Cyclical Factors on the U. S. Balance of Payments AU - Greene, Joshua E. AU - Kandil, Magda. PY - 2002 SN - 1462344992 1451999585 1281370673 9786613779465 1451893655 9781462344994 9781451999587 9781281370679 9781451893656 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Exports and Imports KW - Foreign Exchange KW - Public Finance KW - Current Account Adjustment KW - Short-term Capital Movements KW - Energy: Demand and Supply KW - Prices KW - International economics KW - Finance KW - Currency KW - Foreign exchange KW - Energy industries & utilities KW - Current account balance KW - Financial account KW - Current account KW - Real effective exchange rates KW - Energy pricing KW - Balance of payments KW - Expenditure KW - International finance KW - Expenditures, Public KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542106 AB - Real GDP growth and real effective exchange rate (REER) appreciation appear cointegrated with the current and financial accounts of the U.S. balance of payments. On this basis, we estimate reduced form equations showing that expected changes and shocks to real GDP, the REER, energy prices, and growth in emerging market economies and other industrial countries explain much of the short-term variation in the U.S. current account balance, with the balance worsening as real GDP, energy prices, and the REER increase. In addition, foreign direct investment rises with real growth, while stock market prices affect the composition of capital inflows. ER -