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The article investigates the main factors of current account deficits in order to assess the potential excessivenessof current account deficits in selected countries of Eastern Europe and former Soviet Union. According to thesimulated benchmark calculated on the basis of selected determinants (in period 1992-2003), the results confirmthat the actual current account balances are generally close to their estimated levels in the 2000-2003 period inthe transition region. This notion is in line with the intertemporal approach to the current account balance,suggesting that higher external deficits are a natural outcome when permanent domestic output exceeds thecurrent one and when current investments and government consumption exceed their permanent levels. Hence,the results suggest that most countries in Eastern Europe and former Soviet Union are justified in runningrelatively high current account deficits.

The Determinants & Excessiveness of Current Account Deficits in Eastern Europe & the Former Soviet Union