The United States has once again entered into a period of large external imbalances. This time the current account deficit, at nearly 6 percent of GDP in 2004, is much larger than in the last episode, when the deficit peaked at about 3.5 percent of GDP in 1987. Moreover, the deficit is on track to become substantially larger over the next several years. This study examines whether the large and growing current account deficit is a problem, and if so, how the problem can be solved. A central policy conclusion of this study is that it is increasingly important that the United States reduce its external current account deficit. This deficit is no longer benign as it arguably was in the late 1990s when it was financing high investment instead of high consumption and large government dissaving.
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"The most thorough and up-to-date look at the issue." --Clive Crook, The National Journal
About the Author
William R. Cline is senior fellow jointly at the Institute for International Economics and the Center for Global Development in Washington, DC. During 1996-2001 while on leave from the Institute, Dr. Cline was deputy managing director and chief economist of the Institute of International Finance (IIF) in Washington, DC. The IIF conducts research on emerging-market economies for its membership of over 300 international banks, investment banks, asset management companies, insurance companies, and other financial institutions. He has been a senior fellow at the Institute for International Economics since its inception in 1981. Previously he was senior fellow, the Brookings Institution (1973-81); deputy director of development and trade research, office of the assistant secretary for international affairs, US Treasury Department (1971-73); Ford Foundation visiting professor in Brazil (1970-71); and lecturer and assistant professor of economics at Princeton University (1967-70). He graduated summa cum laude from Princeton University in 1963, and received his MA (1964) and Ph.D. (1969) in economics from Yale University. His publications include: The Economics of Global Warming, 1992; International Economic Policy in the 1990s, 1994; International Debt Reexamined, 1995; Predicting External Imbalances for the United States and Japan, 1995; Trade and Income Distribution, 1997; Trade Policy and Global Poverty, 2004; The United States as a Debtor Nation, 2005.
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Inside This Book
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First Sentence:
One of the greatest anomalies in the world economy today is that the United States has ceased being a net supplier of capital to developing countries and, after several years of large current account deficits, has itself become the worlds largest debtor nation at least in accounting terms. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
rate valuation effects, international liability position, overall real appreciation, exchange rate valuation effect, debt cycle theory, capital services income, foreign appreciation, foreign equity assets, net capital income, gross financial assets, gross external liabilities, net international liabilities, valuation drift, global saving glut, nonbank claims, asset discrepancy, capital services account, net international assets, young debtor, young creditor, fiscal reaction function, global current account discrepancy, nonoil imports, mature debtor, capital income account Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, Federal Reserve, Hong Kong, East Asian, Social Security, United Kingdom, New Zealand, World Bank, International Monetary Fund, Bretton Woods, Commerce Department, Salomon Smith Barney, South Africa, Congressional Budget Office, European Union, Latin American, Financial Times, Saudi Arabia, Council of Economic Advisers, Czech Republic, New York Times, Cold War, Institute of International Finance, Liabilities Assets, Middle East New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
One of the greatest anomalies in the world economy today is that the United States has ceased being a net supplier of capital to developing countries and, after several years of large current account deficits, has itself become the worlds largest debtor nation at least in accounting terms. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
rate valuation effects, international liability position, overall real appreciation, exchange rate valuation effect, debt cycle theory, capital services income, foreign appreciation, foreign equity assets, net capital income, gross financial assets, gross external liabilities, net international liabilities, valuation drift, global saving glut, nonbank claims, asset discrepancy, capital services account, net international assets, young debtor, young creditor, fiscal reaction function, global current account discrepancy, nonoil imports, mature debtor, capital income account Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, Federal Reserve, Hong Kong, East Asian, Social Security, United Kingdom, New Zealand, World Bank, International Monetary Fund, Bretton Woods, Commerce Department, Salomon Smith Barney, South Africa, Congressional Budget Office, European Union, Latin American, Financial Times, Saudi Arabia, Council of Economic Advisers, Czech Republic, New York Times, Cold War, Institute of International Finance, Liabilities Assets, Middle East New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 100
books:
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5
books
cite this book:
- The Exchange Rate System (Policy Analyses in International Economics) by John Williamson in Back Matter (1), Back Matter (2), and Back Matter (3)
- United States External Adjustment and the World Economy by William R. Cline in Front Matter, Back Matter (1), and Back Matter (2)
- Trade and Income Distribution by William R. Cline in Back Matter (1), Back Matter (2), and Back Matter (3)
- American Trade Politics by I. M. Destler in Back Matter (1), Back Matter (2), and Back Matter (3)
- Deficits and the Dollar: The World Economy by Stephen Marris in Back Matter (1), and Back Matter (2)
See all 100 books this book cites
- Does Foreign Direct Investment Promote Development? New Methods, Outcomes and Policy Approaches by Theodore H. Moran in Back Matter
- Economic Liberalization and Integration in East Asia: A Post-Crisis Paradigm by Yung Chul Park in Back Matter
- Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets (Policy Analyses in International Economics) by John Williamson in Back Matter
- Official Reserves And Currency Management in Asia: Myth, Reality, And the Future (Geneva Reports on the World Economy) by Hans Genbert in Back Matter
- Short of the Goal: U.S. Policy And Poorly Performing States by Milan Vaishnav, and Robert L. Ayres, editors. Nancy Birdsall in Back Matter
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