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Large savings and current account surpluses by China and other countries are said to be a contributor to the global … current account imbalances and possibly to the recent global financial crisis. This paper proposes a theory of excess savings … show conditions under which an intensified competition in the marriage market can induce men to raise their savings rate …
Persistent link: https://www.econbiz.de/10012462653
We study the evolution of the U.S. current account in a two-country dynamic stochastic endowment model in which a single non-state contingent bond is the only internationally traded asset. The paper focuses on the world `saving glut' as the primary cause of continual deterioration in the current...
Persistent link: https://www.econbiz.de/10012465076
savings ("excess savings") and a small but persistent current account deficit (a slow-motion "twin deficit"). These patterns …
Persistent link: https://www.econbiz.de/10013334403
suggest why public and private actions in the United States and China are now likely to cause the current account imbalances … billion or 3.5 percent of US GDP. China has a current account surplus of about $300 billion or 6 percent of its GDP …
Persistent link: https://www.econbiz.de/10012461983
China's high corporate savings rate is commonly claimed to be a key driver for the country's large current account … surplus. The mainstream explanation for high corporate savings is a combination of windfall profits in state-owned firms … doubt on these views by comparing the savings of 1557 Chinese listed firms with those of 29330 listed firms from 51 other …
Persistent link: https://www.econbiz.de/10012462224
positively correlated with government budget balances and initial stocks of net foreign assets. Among developing countries …
Persistent link: https://www.econbiz.de/10012471188
This paper develops a dynamic framework in which macroeconomic liberalization and stabilization measures of the type recently seen in Latin America can be studied. The model is sufficiently general to cover both polar cases of a closed capital account and free private capital mobility, so the...
Persistent link: https://www.econbiz.de/10012477560
This paper provides a formal analysis of the current account balance in a dynamic model with optimizing agents. Two analytical ideas are stressed. First, an economy's current account balance depends as much on fixture economic trends as on the current economic environment. A shift in fiscal...
Persistent link: https://www.econbiz.de/10012478317
This paper analyzes the behavior of the current account and the exchange rate in the British economy during the 1970's, and discusses the outlook, as influenced by the availability of oil revenues, for exchange rate developments during the 1980's.Both trade and exchange rate behavior are...
Persistent link: https://www.econbiz.de/10012478822
Global current account imbalances have reappeared, although the extent and distribution of these imbalances are noticeably different from those experienced in the middle of the last decade. What does that recurrence mean for our understanding of the origin and nature of such imbalances? Will...
Persistent link: https://www.econbiz.de/10012480170