The 2008 crisis underscored the interconnectedness of the international business cycle, with U.S. shocks leading to the … business cycle is largely driven by U.S. financial shocks with a significant impact from global shocks, mainly reflecting …

This paper presents an econometric model of U.S. current account transactions. The model is used to analyze the factors … behind the deterioration in the U.S. external position during the 1980s and to examine the sensitivity of the U.S. current … account balance to changes in factors which are its major determinants. The results suggest that the appreciation of the U.S …

This paper considers the demand for various monetary aggregates with a view to assessing their potential roles as … presented. For M1, the results support an “error correction” model. However, the demand function for M1 may still be subject to … shifts due to the continuing process of financial reform and innovation. The demand function for M1A resulting from the …

This paper presents the views of Lawrence H. Summers on the U.S. current account deficit and the global economy …. Summers highlights that the U.S. current account deficit is currently running well in excess of US$600 billion at an annual …-thirds of the cumulative current account surpluses of all the world’s surplus countries. Summers thinks that such a unique …

This Selected Issues paper examines macroeconomic challenges for a highly tourism-based economy such as Cape Verde. The …

This paper studies recent developments in tourism in the East Caribbean countries (ECC) and reviews government policies … to support tourism. The paper also presents a model to explain the movements of tourist arrivals to the region during …