The U.S. Current Account Deficit and the Global Economy
Summary:
This paper presents the views of Lawrence H. Summers on the U.S. current account deficit and the global economy. Summers highlights that the U.S. current account deficit is currently running well in excess of US$600 billion at an annual rate, in the range of 5.5 percent of GDP. It represents more than 1 percent of global GDP and absorbs close to two-thirds of the cumulative current account surpluses of all the world’s surplus countries. Summers thinks that such a unique imbalance deserves careful scrutiny.
Series:
per Jacobson lecture
Subject:
Balance of payments Conventional peg Current account deficits Exchange rate adjustments Exchange rates Foreign exchange Imports International trade
Frequency:
Annual
English
Publication Date:
December 21, 2004
ISBN/ISSN:
9781451980929/0252-3108
Stock No:
PJIEA2004004
Pages:
36
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