Milesi-Ferretti, Gian Maria; Razin, Assaf - C.E.P.R. Discussion Papers - 1996
A number of developing countries have run large and persistent current account deficits in both the late-1970s/early-1980s and in the early-1990s, raising the issue of whether these persistent imbalances are sustainable. This paper puts forward a notion of current account sustainability and...