Efficiency performance of Current Account-BoP flows in advanced world economies considering GHG emissions
2020
Gutierrez, Ester | Lozano, Sebastián
Current Account (CA) imbalances reveal the unequal Trade and Foreign Direct Investment (T&FDI) flows between various countries. This paper investigates the performance of the CA component of the Balance of Payments (BoP) of major advanced economies following the recent global financial and economic crisis (2013–2017) using a Data Envelopment Analysis (DEA) second-stage approach. Slack-based inefficiency (SBI) DEA models are proposed, using both a conventional perspective and a sustainability perspective that consider greenhouse gas (GHG) emissions as an undesirable output. The efficiency assessment aims to identify output slacks (i.e. exports and income inflows shortfalls) as well as input slacks (i.e. import and income outflows excesses). In the second stage, explanatory factors of the observed CA inefficiencies have been investigated, using regression models under frequentist and Bayesian frameworks. Although some differences exist between the Conventional and Sustainability scenarios regarding the negative effects of trade diversification and external debt and energy dependency on CA inefficiency, in both scenarios the results indicate links between CA inefficiency and geographical regions, socio-economic development and the burden of customs procedures.
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