The U.S. Current Account Deficit and the Global Economy

December 21, 2004

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The U.S. Current Account Deficit and the Global Economy, (USA: International Monetary Fund, 2004) accessed December 23, 2024

Summary

This paper presents the views of Lawrence H. Summers on the U.S. current account deficit and the global economy. Summers highlights that the U.S. current account deficit is currently running well in excess of US$600 billion at an annual rate, in the range of 5.5 percent of GDP. It represents more than 1 percent of global GDP and absorbs close to two-thirds of the cumulative current account surpluses of all the world’s surplus countries. Summers thinks that such a unique imbalance deserves careful scrutiny.

Subject: Balance of payments, Conventional peg, Current account deficits, Exchange rate adjustments, Exchange rates, Foreign exchange, Imports, International trade

Keywords: Asia and Pacific, Conventional peg, Current account deficits, Deficit, Development Economics, Exchange rate adjustments, Exchange rates, Global, Harvard man, Imports, MISC PERIOD, Misc., Participation of Larry Summers, Personality of Larry, Strong-dollar policy

Publication Details

Pages:

36
Volume:

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DOI:

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Issue:

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Series:

per Jacobson lecture
Stock No:

PJIEA2004004
ISBN:

9781451980929
ISSN:

0252-3108

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