, and increasing in the relative volatility of national business cycles. Finally, countries with relatively higher fiscal …

A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to … emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in … Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the …

This paper investigates the role played by emerging Asia in the emergence and evolution of the global trade imbalances … limited spillover effect to the United States trade balance. In contrast, an increase in the desired level of emerging Asia …

assumed to differ only with respect to GDP volatility which is calibrated based on the 1980-2008 period. The model predicts a … asset holdings. While heterogeneity in GDP volatility may lead to large imbalances in international investment positions …