Aguiar, Mark (contributor); Gopinath, Gita (contributor) - 2004
the Federal Reserve System
.
Defaultable Debt, Interest Rates and the Current
Account
Mark Aguiar
Chicago Graduate … Debt, Interest Rates and the Current Account
∗
Mark Aguiar
†
Chicago Graduate School of Business
Gita Gopinath
‡
Chicago … countercyclical,
and interest rates and the current account are positively correlated. That is, emerging
markets on average borrow …