| Document Type
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BL
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| Record Number
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992010
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| Doc. No
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b746380
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| Title & Author
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G7 current account imbalances : : sustainability and adjustment /\ edited by Richard H. Clarida.
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| Publication Statement
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Chicago :: University of Chicago Press,, 2007.
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| Series Statement
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A National Bureau of Economic Research conference report
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| Page. NO
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1 online resource (ix, 507 pages) :: illustrations
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| ISBN
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0226107280
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: 1281125407
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: 661112540X
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: 9780226107288
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: 9781281125408
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: 9786611125400
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0226107264
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9780226107264
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| Notes
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"The papers were ... and were presented at a conference in Newport, Rhode Island in June 2005"--Introduction.
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| Bibliographies/Indexes
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Includes bibliographical references and indexes.
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| Contents
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I. Origins of G7 current account imbalances. From world banker to world venture capitalist : U.S. external adjustment and the exorbitant privilege / Pierre-Olivier Gourinchas and Helene Rey. Comment / José De Gregorio -- A global perspective on external positions / Philip R. Lane and Gian Maria Milesi-Ferretti / Comment / Richard Portes -- Direct investment, rising real wages, and the absorption of excess labor in the periphery / Michael P. Dooley, David Folkerts-Landau, and Peter Garber. Comment / Shang-Jin Wei -- II. Empirical studies of G7 current account and exchange rate adjustment. Current account deficits in industrial countries : the bigger they are, the harder they fall? / Caroline Freund and Frank Warnock. Comment / Assaf Razin -- Are there thresholds of current account adjustment in the G7? / Richard H. Clarida, Manuela Goretti, and Mark P. Taylor. Comment / Robert E. Cumby -- Current account reversals : always a problem? / Muge Adalet and Barry Eichengreen. Comment / Frederic S. Mishkin -- Understanding the U.S. trade deficit : a disaggregated perspective / Catherine L. Mann and Katharina Pluck. Comment / Peter B. Kenen -- Will the euro eventually surpass the dollar as leading international reserve currency? / Menzie Chinn and Jeffrey A. Frankel. Comment / Edwin M. Truman -- III. Theoretical perspectives on current account sustainability and adjustment. The unsustainable U.S. current account position revisited / Maurice Obstfeld and Kenneth Rogoff. Comment / Kristin 1. Forbes -- Smooth landing or crash? Model-based scenarios of global current account rebalancing / Hamid Faruqee, Douglas Laxton, Dirk Muir, and Paolo A. Pesenti. Comment / Lars E.O. Svensson -- The dot-com bubble, the Bush deficits, and the U.S. current account / Aart Kraay and Jaume Ventura. Comment / Joseph E. Gagnon.
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| Abstract
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The current account deficit of the United States is more than six percent of its gross domestic product?an all-time high. And the rest of the world, including other G7 countries such as Japan and Germany, must collectively run current account surpluses to finance this deficit. How long can such unevenness between imports and exports be sustained, and what form might their eventual reconciliation take? Putting forth scenarios ranging from a gradual correction to a crash landing for the dollar, G7 Current Account Imbalances brings together economists from around the globe to consider the origins.
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| Subject
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Balance of payments-- Group of Seven countries, Congresses.
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Balance of payments.
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BUSINESS ECONOMICS-- Exports Imports.
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BUSINESS ECONOMICS-- International-- General.
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BUSINESS ECONOMICS-- International-- Marketing.
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POLITICAL SCIENCE-- International Relations-- Trade Tariffs.
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| Subject
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Group of Seven countries.
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| Dewey Classification
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382/.1709177
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| LC Classification
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HG3882.G25 2007eb
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| Added Entry
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Clarida, Richard H.
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| Added Entry
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National Bureau of Economic Research.
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