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February 1, 2010 | History

The unsustainable US current account position revealed 1 edition

The unsustainable US current account position revealed
Maurice Obstfeld

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The unsustainable US current account position revealed
Maurice Obstfeld, Kenneth Rogoff.

Published 2004 by National Bureau of Economic Research in Cambridge, MA .
Written in English.

About the Book

"We show that the when one takes into account the global equilibrium ramifications of an unwinding of the US current account deficit, currently estimated at 5.4% of GDP, the potential collapse of the dollar becomes considerably larger--more than 50% larger--than our previous estimates (Obstfeld and Rogoff 2000a). That global capital markets may have deepened (as emphasized by US Federal Reserve Chairman Alan Greenspan) does not affect significantly the extent of dollar decline in the wake of global current account adjustment. Rather, the dollar adjustment to global current account rebalancing depends more centrally on the level of goods-market integration. Whereas the dollar's decline may be benign as in the 1980s, we argue that the current conjuncture more closely parallels the early 1970s, when the Bretton Woods system collapsed. Finally, we use our model to dispel some common misconceptions about what kinds of shifts are needed to help close the US current account imbalance. Faster growth abroad helps only if it is relatively concentrated in nontradable goods; faster productivity growth in foreign tradable goods is more likely to exacerbate the US adjustment problem"--National Bureau of Economic Research web site.

Edition Notes

Includes bibliographical references.
Title from PDF file as viewed on 1/4/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.

Series
NBER working paper series ;, working paper 10869, Working paper series (National Bureau of Economic Research : Online) ;, working paper no. 10869.

Classifications

Library of Congress
HB1

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL3475688M
LC Control Number
2005615083

History Created December 9, 2009 · 2 revisions Download catalog record: RDF / JSON

February 1, 2010 Edited by WorkBot add more information to works
December 9, 2009 Created by WorkBot add works page