The Balance of Payments Dynamics in the Period of Crisis
The paper analyses the key factors of balance of payments dynamics for countries with different exchange rate regimes. We consider the differences in approaches to the analysis of balance of payments effects, and provide an overview of recent studies on current account and capital account dynamics. We present an estimates based on quarterly data on 40 countries with floating exchange rate regime and 38 countries with intermediate exchange rate regimes from 2006 to 2010. In the period of crisis, the response of trade balance is opposite depending on exchange rate regime. Data also support the hypothesis of reversal effect of BOP. The hypothesis about interest rate to be a policy instrument in crisis period is not supported.