Disagreement on appropriate policies to reduce the American balance of payments deficit has been a major source of friction between the US, on the one hand, and the Federal Republic of Germany and Japan, on the other. Against this background Professor Bronfenbrenner Presents a theoretical...

The existing balances on the current accounts of the major industrialised countries have given rise to demands, addressed particularly to German economic policy-makers, which amount to a revitalisation of the "locomotive theory". However, were the world economy once more to be "reflated" in...

The disequilibria in the world economy, of which the massive trade and current account deficits of the USA are but one manifestation, have reached dangerous proportions. The following article presents a number of scenarios to show how they may develop in future.

Attributing the foreign trade effects of an expansion in the state budget to a single cause cannot do justice to the multitude of macro-economic interrelationships. Both theory and observation can reveal quite differing links between the public sector financial balance, the balance of payments...

Oil price increases and the persistent OPEC current account surpluses were considered the main problems of economic development in many industrial and developing countries long after the first oil crisis. Since 1983, however, the OPEC surpluses have been completely absorbed and the official base...