The impact of the exchange rate on the foreign trade imbalance during the economic crisis in the new EU member states and the Western Balkan countries

References

• Aristovnik, A. (2006). The determinants and excessiveness of current account deficits in Eastern Europe (William Davidson Institute Working Paper No. 827). Michigan: William Davidson Institute at the University of Michigan.
   Google Scholar
• Aristovnik, A., & Setnikar-Cankar, S. (2006). How excessive are external imbalances in selected transition countries? Prague Economic Papers, 2006(3), 15. doi:10.18267/j.pep.287
   Google Scholar
• Arratibel, O., Furceri, D., Martin, R., & Zdzienicka, A. (2011). The effect of nominal exchange rate volatility on real macroeconomic performance in the CEE countries. Economic Systems, 35(2), 261–277. doi:10.1016/j.ecosys.2010.05.003
   Web of Science ®Google Scholar
• Asteriou, D., Masatci, K., & Pılbeam, K. (2016). Exchange rate volatility and international trade: International evidence from the MINT countries. Economic Modelling, 58, 133–140. doi:10.1016/j.econmod.2016.05.006
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., & Gelan, A. (2018). Exchange-rate volatility and international trade performance: Evidence from 12 African countries. Economic Analysis and Policy, 58, 14–21. doi:10.1016/j.eap.2017.12.005
   Web of Science ®Google Scholar
• Baldwin, R., & Giavazzi, F. (2015). The eurozone crisis: A consensus view of the causes and a few possible solutions. London: A VoxEU.org Book, CEPR Press.
   Google Scholar
• Broda, C. (2004). Terms of trade and exchange rate regimes in developing countries. Journal of International Economics , 63(1), 31–58. doi:10.1016/S0022-1996(03)00043-6
   Web of Science ®Google Scholar
• Bussière, M., Guillaume, G., & Steingress, W. (2017). Global trade flows: Revisiting the exchange rate elasticities (Bank of Canada Staff Working Paper, No. 2017), 41. Ottawa: Bank of Canada.
   Google Scholar
• Calderon, C., Chong, A., & Loayza, N. (2002). Determinants of current account deficits in developing countries. Contributions to Macroeconomics, 2, 1–35.
   Google Scholar
• Calvo, G. A., & Reinhart, C. M. (2002). Fear of floating. The Quarterly Journal of Economics, 117(2), 379–408. doi:10.1162/003355302753650274
   Web of Science ®Google Scholar
• Cesaratto, S. (2015). Balance of payments or monetary sovereignty? In search of the EMU’s original sin. International Journal of Political Economy, 44(2), 142–156. doi:10.1080/08911916.2015.1060830
   Web of Science ®Google Scholar
• Cesaroni, T., & De Santis, R. (2015). Current account “Core-periphery dualism” (EMU LEQS Paper No. 90).
   Google Scholar
• Chen, X., Lin, S., & Reed, R. W. (2005). Another look at what to do with time-series cross-section data (Economics Working Paper Archive at WUSTL No. 0506004). Canterbury: University of Canterbury, Department of Economics and Finance.
   Google Scholar
• Chinn, M., & Wei, S. (2008). A faith-based initiative: Does a flexible exchange rate regime really facilitate current account adjustment? (NBER Working Paper No. 14420). Cambridge, Massachusetts: National Bureau of Economic Research.
   Google Scholar
• Comunale, M. (2015). Current Account and REER misalignments in Central Eastern EU Countries: an update using the Macroeconomic Balance approach Economics Department. Vilnius, Lithuania: Bank of Lithuania 3.
   Google Scholar
• Dabrowski, M., & Wróblewska, J. (2015). Exchange rate as a shock absorber or a shock propagator in Poland and Slovakia – an approach based on Bayesian SVAR models with common serial correlation (MPRA Paper 61441). Munich, Germany: University Library of Munich.
   Google Scholar
• De Grauwe, P. (2013). Design failures in the Eurozone: Can they be fixed? (LEQS Paper No. 57), 1–34. London: European Institute LSE.
   Google Scholar
• Debelle, G., & Faruqee, H. (1996). What determines the current account? A cross-sectional and panel approach (IMF Working Paper No. 96/58). Washington, DC: International Monetary Fund. doi:10.5089/9781451966701.001
   Google Scholar
• Domac, I., Peters, K., & Yuzefovich, Y. (2001). Does the exchange rate regime affect macroeconomic performance? Evidence from transition economies (Policy research working paper No. 2642). Washington D.C.: The World Bank, Europe and Central Asia Region.
   Google Scholar
• Edwards, S. (2004). Financial openness, sudden stops and current account reversals. American Economic Review, 94(2), 59–64.
   Web of Science ®Google Scholar
• Erdem, E., Ucler, G., & Bulut, U. (2013). Impact of domestic credits on the current account balance: a panel ARDL analysis for 15 OECD countries. Actual Problems of Economics, 1, 408–416.
   Google Scholar
• Frankel, J. A. (1999). No single currency regime is right for all countries or at all times (NBER Working paper No. 7338). Cambridge, Massachusetts: National Bureau of Economic Research.
   Google Scholar
• Frankel, J. A., & Rose, A. K. (2002). An estimate of the effects of common currencies on trade and income. The Quarterly Journal of Economics, 67(2), 437–466. doi:10.1162/003355302753650292
   Web of Science ®Google Scholar
• Freund, C., & Warnock, F. (2007). Current account deficits in industrial countries: The bigger they are, the harder they fall? In R. Clarida (Ed.), G7 current account imbalances sustainability and adjustment (pp. 69–204). Chicago, IL: University of Chicago Press.
   Google Scholar
• Friedman, M. (1953). The case for flexible exchange rates. In Milton Friedman (Ed.), Essays in positive economics (pp. 157–203). Chicago, IL: University of Chicago Press.
   Google Scholar
• Ghosh, A., & Gulde, A. M. (1997). Does the nominal exchange regime matter? (NBER Working paper No. 5874). Cambridge, Massachusetts: National Bureau of Economic Research.
   Google Scholar
• Gnimassoun, B., & Coulibaly, I. (2014). Current account sustainability in Sub-Saharan Africa: Does the exchange rate regime matter? Economic Modelling, 40, 208–226. doi:10.1016/j.econmod.2014.04.017
   Web of Science ®Google Scholar
• Gnimassoun, B., & Mignon, V. (2013). Current-account adjustments and exchange-rate misalignments (CEPII Working Paper, 2013). Paris: CEPII Research Centre.
   Google Scholar
• Herrmann, S. (2009). Do we really know that flexible exchange rates facilitate current account adjustment? Some new empirical evidence for CEE countries. Applied Economics Quarterly, 55(4), 295–311. doi:10.3790/aeq.55.4.295
   Google Scholar
• Herrmann, S., & Jochem, A. (2005). Determinants of current account developments in the central and east European EU member states – Consequences for the enlargement of the euro area (Discussion Paper Series 1: Economic Studies 32). Frankfurt, Germany: Deutsche Bundesbank, Research Centre.
   Google Scholar
• International Monetary Fund. (2018). World economic outlook, April 2018: Cyclical upswing, structural change (Working Papers No. 12768, eSocialSciences). Washington D.C.: International Monetary Fund.
   Google Scholar
• Isik, N., & Yilmaz, S. (2017). The relationship between current account balance and types of credits: An application on selected OECD countries. Journal of the Faculty of Economics and Administrative Sciences, 7(2), 105–126.
   Google Scholar
• Krugman, P. (2016, April 16). The return of elasticity pessimism. New York Times. Retrieved from http://krugman.blogs.nytimes.com/2016/04/16/the-return-of-elasticity-pessimismwonkish/?_r=1
   Google Scholar
• Krugman, P., Obstfeld, M., & Melitz, M. (2012). International economics. Boston, MA: Pearson Addison-Wesley.
   Google Scholar
• Lane, P. R., & Milesi-Ferretti, G. M. (2012). External adjustment and the global crisis. Journal of International Economics, 88(2), 252–265. doi:10.1016/j.jinteco.2011.12.013
   Web of Science ®Google Scholar
• Leigh, D., Weicheng, L., Ribeiro, M., Szymanski, R., Tsyrennikov, V., & Yang, H. (2017). Exchange rates and trade: Disconnect? (Working Paper No. 17/58). Washington, DC: International Monetary Fund. doi:10.5089/9781475587494.001
   Google Scholar
• Mankiw, G. (2008). Principles of microeconomics. Mason, OH: South Western Cengage Learning.
   Google Scholar
• Mazier, J., & Petit, P. (2013). In search of sustainable paths for the eurozone in the troubled post-2008 world. Cambridge Journal of Economics, 37(3), 513–532. doi:10.1093/cje/bet012
   Web of Science ®Google Scholar
• Meade, J. (1951). The balance of payments: The theory of international economic policy. Oxford: Oxford University Press.
   Google Scholar
• Mirdala, R. (2016). Real exchange rates, current accounts and competitiveness issues in the euro area (FIW Working Paper No. 173). Vienna: Research Centre for International Economics (FIW).
   Google Scholar
• Mundell, R. (1961). A theory of optimum currency areas. The American Economic Review, 51(4), 657–665.
   Web of Science ®Google Scholar
• Özmen, E. (2005). Macroeconomic and institutional determinants of current account deficits. Applied Economics Letters, 12(9), 557–560. doi:10.1080/13504850500120714
   Web of Science ®Google Scholar
• Pietrucha, J. (2015). Exchange rate regime and external adjustment in CEE countries. Journal of Economics and Management, 20(2), 38–52.
   Google Scholar
• Sahoo, M., Babu, S., & Dash, U. (2015). Effects of FDI flows on current account balances: Do globalisation and institutional quality matter? Retrieved from https://www.semanticscholar.org/paper/Effects-of-FDI-flows-on-Current-Account-Balances-%3A-Sahoo-Babu/e791155a3798e3ddb34f44b6f813705fc069c69d
   Google Scholar
• Santana-Gallego, M., & Peres Rodriges, Jorge V. (2019). Internationa trade, exchange rate regimes, and financial crises. The North American Journal of Economics and Finance, 47(C), 85–95.
   Web of Science ®Google Scholar
• Schilirò, D. (2017). Rules, imbalances and growth in the eurozone. In R. Mirdala & R. R. Canale (Eds.), Economic imbalances and institutional changes to the Euro and the European Union. International Finance Review (Vol. 18, pp. 65–890). Bingley, UK: Emerald Publishing Limited.
   Google Scholar
• Turgutlu, E. (2014). Current account balance implications of consumer loans: The case of Turkey. International Journal of Applied Economics, 11(2), 55–64.
   Google Scholar
• Winkler, A., Mazzaferro, F., Nerlich, C., & Thimann, C. (2004). Official dollarisation/euroisation: motives, features and policy implications of current cases (European Central Bank No. 2).
   Google Scholar