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Another Way of Testing the Current Account Approach: Evidence from United States and United Kingdom Data

This paper aims to test the current account approach for UK and USA data. In order to do this it's used Johansen, S. and A. R. Swensen (1999) methodology to test exactly a restriction implied by a rational expectation model. All the parameters are estimated directly from the econometric model without the necessity of imposing values that are arbitrarily chosen by the analyst. The evidence obtained in this article suggests that for UK and US data the tests do not reject the traditional variant of the current account model. This results contrasts with the literature.