periods when their current account deficits have narrowed. Such studies identified systematic aspects of external adjustment ….S. external imbalance. In contrast, this paper focuses in depth on the historical experience of external adjustment in the United … periods of external adjustment is remarkably similar to the foreign experience. Finally, we also examine the performance of …

deficit and of the consequent buildup in U.S. external debt are examined. The analytical framework for thinking about the U … are then reported. The sustainability of the U.S. external position is discussed next. It is concluded that, at some point …

net external debt position with its sign reversed) at the end of 1987 was a negative $368 billion. This sum represents a … 1980s. In this paper, the U.S. net external debt position is examined and compared with the experience of other countries …. The paper then proceeds to analyze the dynamic process of external debt accumulation. Concepts of external debt "stability …

The paper examines the evolution of U.S. external balances since 1980 and considers various explanations for the … persistence of external deficits in the late 1980s and the 1990s. It also offers a general assessment of the medium-term prospects … for U.S. current account deficits. The review of evidence indicates that the huge increase in U.S. external deficits over …

A standard explanation for why sovereign governments repay their debts is that they must maintain a good reputation to …

.S. external deficit between 1980 and 1986. The paper presents an empirical model of the U.S. current account that is used to …