{
  "title": "Long-Term Trends in the Saving-Investment Balance and Persistent Current Account Surpluses in a Small Open Economy: The Case of the Netherlands",
  "publication": "IMF Working Papers, May 1, 1996",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/long-term-trends-in-the-saving-investment-balance-and-persistent-current-account-surpluses-in-2032",
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  "summary": "This paper explores, from an investment-saving perspective, the factors underlying the persistent widening of the current account surplus in the Netherlands since the early 1980s.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Paper explores, from an investment-saving perspective, factors underlying the persistent widening of the current account surplus in the Netherlands since the early 1980s.\n- Standard intertemporal models, even when extended to incorporate specific Dutch features, do not fully account for the observed widening.\n- The paper therefore focuses on the production side of the economy to gain further insight into trends in the current account."
    },
    {
      "heading": "Main empirical findings",
      "content": "- Empirical evidence suggests that the bulk of the observed widening of the current account surplus is accounted for by:\n  - changes in relative factor prices, and\n  - a relative demand shift toward non-tradable goods.\n- The impact of these factors on the current account appears to reflect:\n  - changes in factor proportions, and\n  - deviations from perfect competition in the Dutch sheltered sector."
    },
    {
      "heading": "Analytical approach and scope",
      "content": "- Perspective: investment-saving (saving-investment) balance.\n- Comparison: standard intertemporal models versus production-side analysis.\n- Emphasis on production-side mechanisms when intertemporal models are insufficient to explain persistent surplus widening."
    },
    {
      "heading": "Subjects and keywords (as listed in the source)",
      "content": "- Subject: Balance of payments, Current account, Current account surpluses, Labor, Production, Real wages, Total factor productivity, Wages\n- Keywords: Current account, Current account surpluses, Global, investment-saving ratio, Netherlands saving, perfect competition, persistent current, Real wages, saving rate, saving-investment balance, saving-investment ratio, Total factor productivity, WP\n\n---\n\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/long-term-trends-in-the-saving-investment-balance-and-persistent-current-account-surpluses-in-2032"
    }
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    "Authors: Ioannis Halikias",
    "Published: May 1, 1996",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451975772.001",
    "Paper explores, from an investment-saving perspective, factors underlying the persistent widening of the current account surplus in the Netherlands since the early 1980s.",
    "Standard intertemporal models, even when extended to incorporate specific Dutch features, do not fully account for the observed widening.",
    "The paper therefore focuses on the production side of the economy to gain further insight into trends in the current account.",
    "Empirical evidence suggests that the bulk of the observed widening of the current account surplus is accounted for by:",
    "The impact of these factors on the current account appears to reflect:",
    "Perspective: investment-saving (saving-investment) balance.",
    "Comparison: standard intertemporal models versus production-side analysis.",
    "Emphasis on production-side mechanisms when intertemporal models are insufficient to explain persistent surplus widening.",
    "Subject: Balance of payments, Current account, Current account surpluses, Labor, Production, Real wages, Total factor productivity, Wages",
    "Keywords: Current account, Current account surpluses, Global, investment-saving ratio, Netherlands saving, perfect competition, persistent current, Real wages, saving rate, saving-investment balance, saving-investment ratio, Total factor productivity, WP"
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