America S Growing Current Account Deficit
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America S Growing Current Account Deficit
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Author :
language : en
Publisher:
Release Date : 2007
America S Growing Current Account Deficit written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
America S Growing Current Account Deficit
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Author :
language : en
Publisher:
Release Date : 2007
America S Growing Current Account Deficit written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Is The U S Trade Deficit Sustainable
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Author : Catherine L. Mann
language : en
Publisher: Peterson Institute
Release Date : 1999
Is The U S Trade Deficit Sustainable written by Catherine L. Mann and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
The global financial crisis of 1997-98 and the widening US trade deficit have precipitated fresh inquiry into a set of perennial questions about global integration and the US economy. How has global integration affected US producers and workers, and overall growth and inflation? Is a chronic and widening deficit sustainable, or will the dollar crash, perhaps taking the economy with it? If the problem was one of "twin deficits," as many thought, why has the trade deficit continued to grow even as the budget deficit narrowed to zero? If US companies are so competitive, why does the trade deficit persist? Is the trade deficit a result of protectionism abroad? Will it lead to protectionism at home? What role do international capital markets have? Each chapter presents relevant data and a simple analytical framework as the basis for concise discussions of these major issues. The final section of the book provides an outlook for the deficit and suggests alternative policy courses for dealing with it. This book is designed for policymakers and others who are interested in the US role in the world economy. It is also suitable for courses in international economics, business, and international affairs.
U S Current Account Deficit
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Author : Sankha Nath Bandyopadhyay
language : en
Publisher:
Release Date : 2006
U S Current Account Deficit written by Sankha Nath Bandyopadhyay and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
United States current account deficit stood at 6.5 per cent of her Gross Domestic product (GDP) in 2005, which is almost twice of her last highest deficit in 3.4 per cent of GDP in 1987. The deficit is primarily grown due to huge merchandise trade deficit which is increasing since 1991s. Several reasons have put forward in order to explain this deficit, for e.g. U.S. budget deficits, low private household savings, increased savings by the rest of the world, China's pegged exchange rate etc. It seems that global economy, particularly emerging economies have grown at the expense of the U.S. current account balance. An important issue is how long this deficit will continue and to what extent other economies will be affected when correction begins. An adjustment with or without government intervention would lead to a substantial depreciation of dollar, which implies a downgrading of dollar as an 'international reserve currency.' The U.S. current account deficit is largely financed through the portfolio investment by the international investors. If the U.S. current account deficit continues, investors may expect dollar to fall further. This indicates a decline in the dollar denominated assets. Though this potential fear appears insignificant at present given that U.S. is a 'safe haven' for international investors, in future this possibility cannot be withered. A huge depreciation of dollar may reduce the deficit, but at the expense of particularly Canada, Mexico, Japan and euro countries in as much as the currencies of these countries are supposed to appreciate most against the dollar, which would affect their export competitiveness. On the other hand, the emerging economies, particularly China, Malaysia and Taiwan are unlikely to be affected given their policy of pegging rates against the dollar.
Can The Growth In The U S Current Account Deficit Be Sustained
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Author : Dimitri B. Papadimitriou
language : en
Publisher:
Release Date : 2006
Can The Growth In The U S Current Account Deficit Be Sustained written by Dimitri B. Papadimitriou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Budget deficits categories.
New Strategic Analysis
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Author : Dimitri B. Papadimitriou
language : en
Publisher:
Release Date : 2006
New Strategic Analysis written by Dimitri B. Papadimitriou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Untangling The Us Deficit
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Author : Richard A. Iley
language : en
Publisher: Edward Elgar Publishing
Release Date : 2007-01-01
Untangling The Us Deficit written by Richard A. Iley and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-01 with Business & Economics categories.
The book would be a good companion text for an undergraduate class in international finance or open-economy macroeconomics. Catherine L. Mann, Journal of Economic Literature Untangling the US Deficit is a unique and well-researched book and will be of great interest to academic economists and postgraduates. Policymakers, business and market economists will also find it an enlightening and challenging analysis. sirreadalot.org The book is written in a very accessible fashion, even though the authors strive to accommodate competing and complex views on the causes and cures of the US external deficit, which makes for enjoyable and informative reading. Their reliance on data, charts and bibliography result in persuasive arguments. Recommended. General readers; upper-division undergraduates through practitioners. A. Sharma, Choice What are the causes of the US current account deficit? Are the problems made in the US or the rest of the world? Are these deficits sustainable, at what level? These are the types of questions the authors set out to answer, and in essence conclude that the answers do not matter for global stability as long as imbalances are left to market forces and the US can avoid large net income outflows. The beauty of this book, however, is watching the authors (the unusual combination of a business economist and an academic economist) arrive at this conclusion. They provide insights that can come only from years of practical and theoretical experience. William E. Becker, Indiana University Bloomington, US As the US current account deficit has expanded to a record level of $811 billion in 2006, debate about the deficit s causes and consequences has also grown. Is the deficit a product of American profligacy or a glut of savings in the rest of the world? Is it a serious problem or essentially benign? Untangling the US Deficit charts a course between the competing explanations in a systematic and rigorous approach, incorporating the latest academic research and market data. Particular attention is given to the China United States trade imbalance and to the special role of the US dollar and US capital markets in global finance. This unique and well-researched book will be of great interest to academic economists and postgraduates. Policy-makers, business and market economists will also find it to be an enlightening and challenging account.
On Current Account Surpluses And The Correction Of Global Imbalances
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Author : Sebastian Edwards
language : en
Publisher:
Release Date : 2007
On Current Account Surpluses And The Correction Of Global Imbalances written by Sebastian Edwards and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Equilibrium (Economics) categories.
In this paper I analyze the nature of external adjustments in current account surplus countries. I ask whether a realignment of world growth rates -- with Japan and Europe growing faster, and the U.S. growing more slowly -- is likely to solve the current situation of global imbalances. The main findings may be summarized as follows: (a) There is an important asymmetry between current account deficits and surpluses. (b) Large surpluses exhibit little persistence through time. (c) Large and abrupt reductions in surpluses are a rare phenomenon. (d) A decline in GDP growth, relative to long term trend, of 1 percentage point results in an improvement in the current account balance -- higher surplus or lower deficit -- of one quarter of a percentage point of GDP. Taken together, these results indicate that a realignment of global growth -- with Japan and the Euro Zone growing faster, and the U.S. moderating its growth -- would only make a modest contribution towards the resolution of global imbalances. This means that, even if there is a realignment of global growth, the world is likely to need significant exchange rate movements. This analysis also suggests that a reduction in China's (very) large surplus will be needed if global imbalances are to be resolved.
The U S Current Account Deficit And The Global Economy
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Author : Lawrence H. Summers
language : en
Publisher:
Release Date : 2004
The U S Current Account Deficit And The Global Economy written by Lawrence H. Summers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Balance of payments categories.
The U S Current Account Deficit And The Expected Share Of World Output
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Author : Charles Engel
language : en
Publisher:
Release Date : 2006
The U S Current Account Deficit And The Expected Share Of World Output written by Charles Engel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Equilibrium (Economics) categories.
"We investigate the possibility that the large current account deficits of the U.S. are the outcome of optimizing behavior. We develop a simple long-run world equilibrium model in which the current account is determined by the expected discounted present value of its future share of world GDP relative to its current share of world GDP. The model suggests that under some reasonable assumptions about future U.S. GDP growth relative to the rest of the advanced countries -- more modest than the growth over the past 20 years -- the current account deficit is near optimal levels. We then explore the implications for the real exchange rate. Under some plausible assumptions, the model implies little change in the real exchange rate over the adjustment path, though the conclusion is sensitive to assumptions about tastes and technology. Then we turn to empirical evidence. A test of current account sustainability suggests that the U.S. is not keeping on a long-run sustainable path. A direct test of our model finds that the dynamics of the U.S. current account -- the increasing deficits over the past decade -- are difficult to explain under a particular statistical model (Markov-switching) of expectations of future U.S. growth. But, if we use survey data on forecasted GDP growth in the G7, our very simple model appears to explain the evolution of the U.S. current account remarkably well. We conclude that expectations of robust performance of the U.S. economy relative to the rest of the advanced countries is a contender"--Federal Reserve Board web site.