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The purpose of this study is to test for the sustainability of current   account in 18 developed and 10 developing countries. The stability of the   relationship between export (inflows) and import (outflows) is assessed using   the tests proposed by Mohitosh Kejriwal and Pierre Perron (2010). In   particular, the nature of the long-run relationship, when multiple regime   shifts are identified endogenously, is analyzed using the residual-based test   of the null hypothesis of cointegration with multiple breaks proposed by   Kejriwal (2008). The results clearly indicate that, for all countries, (i)   the stability tests reject the null of coefficient stability of the long-run   relationship between exports and imports; (ii) the cointegration tests that   correspond to the number of breaks selected reject the null of cointegration   (weak form of sustainability); and (iii) the strong form of sustainability   hypothesis is not supported by the data for all countries in most regimes but   not for 20 of 28 countries especially in the last regime (the post-2000   era). For eight countries (Canada, New Zealand, Spain, Brazil, Mexico, South   Africa, Thailand, and Turkey), the findings may be perceived as a warning to   creditors and policymakers unless there are policy distortions or permanent   productivity shocks to the domestic economies

The sustainability of current account in the presence of endogenous multiple structural breaks: Evidence from developed and developing countries