Conclusion

Carlos M. Peláez and Carlos A. Peláez

A chapter in The Global Recession Risk, 2007, pp 218-229 from Palgrave Macmillan

Abstract: Abstract The external imbalance of the US has very high dimensions. The US CAD is rising above 6–7 percent of GDP and its NIIP is moving toward a third of GDP. The US CAD is equivalent to 75 percent of the world CAD surpluses. Most simulations show a worsening of the CAD and NIIP. The concept of sustainability is theoretically elusive and empirically difficult to measure. The available theories and measurements suggest that the US CAD is in an unsustainable path.

Keywords: Interest Rate; Real Estate; Monetary Policy; Asset Price; Balance Sheet (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-20659-5_9

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DOI: 10.1057/9780230206595_9

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