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Die deutsche Vereinigung und das Leistungsbilanzdefizit

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Schimmelpfennig, A. Die deutsche Vereinigung und das Leistungsbilanzdefizit. Credit and Capital Markets – Kredit und Kapital, 31(2), 190-216. https://doi.org/10.3790/ccm.31.2.190
Schimmelpfennig, Axel "Die deutsche Vereinigung und das Leistungsbilanzdefizit" Credit and Capital Markets – Kredit und Kapital 31.2, 1998, 190-216. https://doi.org/10.3790/ccm.31.2.190
Schimmelpfennig, Axel (1998): Die deutsche Vereinigung und das Leistungsbilanzdefizit, in: Credit and Capital Markets – Kredit und Kapital, vol. 31, iss. 2, 190-216, [online] https://doi.org/10.3790/ccm.31.2.190

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Die deutsche Vereinigung und das Leistungsbilanzdefizit

Schimmelpfennig, Axel

Credit and Capital Markets – Kredit und Kapital, Vol. 31 (1998), Iss. 2 : pp. 190–216

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Axel Schimmelpfennig, Kiel

References

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Abstract

German Reunification and its Current Account Deficit

The German current account balance has moved from surplus to deficit in the course of unification. A theoretical model for the current account, encompassing the elasticities, the monetary, and the absorptions approach is set up and tested for Germany, using cointegration analysis. In addition, private savings are modelled by a life-cycle model nested in a model of overlapping generations. A country’s private and government savings are identified as the major factors driving the current account. Private savings are explained by the specified model. The concept of a primary deficit as well as the concept of half- and full-debt-cycles are used to argue that the German current account deficit can easily move from sustainability to unsustainability in the near future.