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...

Despite performing very positively on some key macroeconomic indicators in recent years, the German economy is in grave disequilibrium if the high current account surplus is included in the analysis. The paper scrutinises the evolution of Germany's external surplus since the inception of the...