Fratzscher, Marcel - 2009
improvement in US competitiveness and thus a sustainable reduction
in the US trade de�cit, and the fear was that such an … sustainable reduction
in the US trade de�cit (e.g. Obstfeld and Rogo� 2005; Blanchard, Giavazzi and Sa
2005). A widespread fear … economies. And third, the unwinding of carry trade positions appears to
have been a prominent factor for some currencies, in …