G7 Current Account Imbalances

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ISBN: 9780226107288

      Acknowledgement

      Introduction
      Richard H. Clarida

I. ORIGINS OF CURRENT ACCOUNT IMBALANCES

       1. From World Banker to World Venture Capitalist: U.S. External Adjustment and the Exorbitant Privilege
           Pierre-Olivier Gourinchas and Hélène Rey
           Comment: José De Gregorio

       2. A Global Perspective on External Positions
           Philip R. Lane and Gian Maria Milesi-Ferretti
           Comment: Richard Portes

       3. Direct Investment, Rising Real Wages, and the Absorption of Excess Labor in the Periphery
           Michael P. Dooley, David Folkerts-Landau, and Peter Garber
           Comment: Shang-Jin Wei

II. EMPIRICAL STUDIES OF G7 CURRENT ACCOUNT AND EXCHANGE RATE ADJUSTMENT

       4. Current Account Deficits in Industrial Countries: The Bigger They Are, the Harder They Fall?
           Caroline Freund and Frank Warnock
           Comment: Assaf Razin

       5. Are There Thresholds of Current Account Adjustment in the G7?
           Richard H. Clarida, manuela Goretti, and Mark P. Taylor
           Comment: Robert E. Cumby

       6. Current Account Reversals: Always a Problem?
           Muge Adalet and Barry Eichengreen
           Comment: Fredric S. Mishkin

       7. Understanding the U.S. Trade Deficit: A Disaggregated Persepective
           Catherine L. Mann and Katherina Plück
           Comment: Edwin M. Truman

       8. Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?
            Menzie Chinn and Jeffrey A. Frankel
            Comment: Edwin M. Truman

III. THEORETICAL PERSPECTIVES ON CURRENT ACCOUNT SUSTAINABILITY AND ADJUSTMENT

       9. The Unsustainable U.S. Current Account Position Revisited
           Maurice Obstfeld and Kenneth Rogoff
           Comment: Kristin J. Forbes

       10. Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing
             Hamid Faruqee, Douglas Laxton, Dirk Muir, and Paolo A. Pesenti
             Comment: Lars E. O. Svensson

       11. The Dot-Com Bubble, the Bush Deficits, and the U.S. Current Account
              Aart Kraay and Jaume Ventura
              Comment: Joseph E. Gagnon

Contributors
Author Index
Subject Index