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Valuation effects and external adjustment: a review
Ever since David Hume introduced his price-specie flow mechanism in 1752, the question of external adjustment has been a classic issue for international macroeconomists. In 1968 Robert Mundell asked “To what extent should surplus countries expand, to what extent should deficit countries contract?” ...
What drives the current account in commodity exporting countries?: the cases of Chile and New Zealand
As capital markets have become increasingly integrated, savings and investment within countries have tended to become less correlated, in what is known as the Feldstein-Horioka (1980) correlation, with the corollary that savings-investment gaps (that is, current accounts) have tended to become more ...
On current account surpluses and the correction of global imbalances
The United States has run an increasingly large current account deficit over the last few years. J. P. Morgan forecasts that in 2007 the deficit will reach almost one trillion dollars, or 7 percent of GDP. This unprecedented situation has generated concern among analysts and policymakers. Many argue ...