Current Account Sustainability
of Major Industrialized Countries
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[Last Updated on April 3, 2008]
Academic Papers
Corsetti, Giancarlo, Philippe Martin, and Paolo Pesenti, "Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment," NBER Working Paper No. 13795, February 2008
Curcuru,
Stephanie E., Tomas Dvorak, and Francis E. Warnock, "Cross-Border Returns Differentials," NBER Working Paper No. 13768, February 2008 (also Forthcoming in Quarterly Journal of Economics)
Lane, Philip R. and Gian Maria Milesi-Ferretti, "Where Did All the Borrowing Go? A Forensic Analysis of the U.S. External Position," IMF Working Paper WP/08/28, February 2008
Aizenman, Joshua and Yi Sun, "Globalization and the Sustainability of Large Current Account Imbalances: Size Matters," NBER Working Paper No. 113734, January 2008
Chinn, Menzie and Shang-Jin Wei, "A Faith-based Initiative: Do We Really Know that a Flexible Exchange Rate Regime Facilitates Current Account Adjustment?," Manuscript, January 2008
Tille, Cedric and Eric van Wincoop, "International Capital Flows," Manuscript, January 2008
Cova, Pietro, Massimiliano Pisani, Nicoletta Batini, Alessandro Rebucci, "Productivity and Global Imbalances:The Role of Non-Tradable TFP in Advanced Economies," Manuscript, November 2007 (IMF Working Paper, Forthcoming)
Gourinchas, Pierre-Olivier and Olivier Jeanne, "Capital Flows to Developing Countries: The Allocation Puzzle," Manuscript, November 2007
Choi, Horag, Nelson C. Mark, and Donggyu Sul, "Endogenous Discounting, the World Saving Glut and the U.S. Current Account," Forthcoming in Journal of International Economics, October 2007
Corsetti, Giancarlo and Gernot J. Müller, "Twin Deficits, Openness and the Business Cycle," Manuscript, September 2007 (also Forthcoming Journal of European Economic Association)
Ju, Jiandong and Shang-Jin Wei, "Current Account Adjustment: Some New Theory and Evidence," NBER Working Paper No. 13388, September 2007
Pavlova,
Anna and Roberto Rigobon, "An Asset-Pricing View of External Adjustment," Manuscript, September 2007 (also NBER Working Paper No. 13468)
Fratzscher, Marcel, Luciana Juvenal, and Lucio Sarno, "Asset prices, Exchange Rates and the Current Account," ECB Working Paper Series No. 790, August 2007
Policy Papers
Higgins, Matthew and Thomas Klitgaard, "Financial Globalization and the U.S. Current Account Deficit," FRBNY Current Issues in Economics and Finance, December 2007
Bernake Ben S., "Global Imbalances: Recent Developments and Prospects," Speech at the Bundesbank Lecture, Berlin, Germany, September 2007
CBO Testimony, "Foreign Holdings of U.S. Government Securities and the U.S. Current Account," Testimony before the Committee on the Budget, U.S. House of Representatives, June 2007
Bergsten,
C. Fred, "Currency Misalignments and the US Economy," Peterson Institute, May 2007
Ahearne, Alan, William R. Cline, Kyung Tae Lee, Yung Chul Park, Jean Pisani-Ferry, and John Williamson, "Global Imbalances: Time for Action," Peterson Institute Policy Brief, March 2007
FRBSF Economic Letter, "The U.S. Productivity Acceleration and the Current Account Deficit," March 2007
Bergsten,
C. Fred, "The Current Account Deficit and the US Economy," Testimony before the Budget Committee of the United States Senate, February 2007
Bergsten,
C. Fred and Edwin M. Truman, "Why Deficits Matter: The International Dimension," Testimony before the Budget Committee of the House of Representatives, January 2007
Hausmann, Ricardo and Federico Sturzenegger, "The Valuation of
Hidden Assets in Foreign Transactions: Why “Dark Matter” Matters," Economic Business, January 2007
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