THE INTERNATIONAL CURRENT ACCOUNT IMBALANCES: A SCEPTICAL VIEW

Warner Corden

Economic Affairs, 2007, vol. 27, issue 2, 44-48

Abstract: The international current account imbalances, whereby the USA has a vast deficit and several countries, notably Japan, China, Germany and the oil exporters, have corresponding surpluses, are usually seen as problems. The argument here is that current account imbalances simply indicate intertemporal trade – the exchange of goods and services for financial claims. There are as likely to be gains from trade of that kind as from ordinary trade.

Date: 2007
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