The current account deficit of the United States is more than six percent of its gross domestic product-an all-time high. And the rest of the world, including other G7 countries such as Japan and Germany, must collectively run current account surpluses to finance this deficit. How long can such...

Us external adjustment: progress, prognosis, and interpretation / William R. Cline -- A sectoral assessment of the US current account deficit: performance and prospects / Allen J. Lenz -- Comments / Peter Hooper, Robert Z. Lawrence -- Reply / Cline -- Surprises and lessons from Japanese external...