Chinn, Menzie D.; Lee, Jaewoo - In: Japan and the World Economy 21 (2009) 2, pp. 202-212
Three current account imbalances - one very large deficit (the United States) and two surpluses (Japan and the Euro area) - are subjected to a minimalist structural interpretation. Though simple, this interpretation enables us to assess how much of each of the imbalances require a real exchange...