NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment

C. Bora Durdu, Enrique G. Mendoza, Marco E. Terrones

NBER Working Paper No. 18380
Issued in September 2012

---- Acknowledgements -----

We thank Shaghil Ahmed, Daniel Beltran, Betty Daniel, Jorg Decressin, Linda Goldberg, David Romer, Barbara Rossi, and participants of the Global Imbalances Workshop at the Federal Reserve Board for comments and suggestions. We also thank Stephanie Curcuru and John Rogers for kindly sharing their datasets, and Gian Maria Milesi-Ferretti and Philip Lane for their data on net foreign asset positions. The analysis undertaken in this paper would not have been possible without their efforts. The views expressed in this paper are those of the authors and should not be attributed to the International Monetary Fund, or to the Board of Governors of the Federal Reserve System. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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