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G7 Current Account Imbalances Sustainability and Adjustment

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ISBN-10: 0226107264

ISBN-13: 9780226107264

Edition: 2007

Authors: Richard H. Clarida

List price: $133.00
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Description:

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 unevenness between imports and exports be sustained, and what form might their eventual reconciliation take? Putting forth scenarios ranging from a gradual correction to a crash landing for the dollar, G7 Current Account Imbalances brings together economists from around the globe to consider the origins, status, and future of those disparities. An esteemed group of collaborators here examines the role of the bursting of the dot-com bubble, the history of previous episodes of current account adjustments, and the possibility of the Euro surpassing the dollar as the leading international reserve currency. Though there are areas of broad agreement—that the imbalances will ultimately decline and that currency revaluations will be part of the solution—many areas of contention remain regarding both the dangers of imbalances and the possible forms of adjustment.nbsp; This volume will be of tremendous value to economists, politicians, and business leaders alike as they look to the future of the G7 economies.
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Book details

List price: $133.00
Copyright year: 2007
Publisher: University of Chicago Press
Publication date: 5/1/2007
Binding: Hardcover
Pages: 448
Size: 6.25" wide x 9.00" long x 1.25" tall
Weight: 1.782

Michael Lynchis professor in the Science & Technology Studies Department at Cornell University.Simon Coleis the author ofSuspect Identities: A History of Fingerprinting and Criminal Identification.Ruth McNallyis a senior research fellow at the Centre for Economic and Social Aspects of Genomics at Lancaster University.Kathleen Jordanhas a Ph.D. in sociology from Boston University and is currently a student at the Rhode Island School of Design.

Acknowledgment
Introduction
Origins of G7 Current Account Imbalances
From World Banker to World Venture Capitalist: U.S. External Adjustment and the Exorbitant Privilege
A Global Perspective on External Positions
Direct Investment, Rising Real Wages, and the Absorption of Excess Labor in the Periphery
Empirical Studies of G7 Current Account and Exchange Rate Adjustment
Current Account Deficits in Industrial Countries: The Bigger They Are, the Harder They Fall?
Are There Thresholds of Current Account Adjustment in the G7?
Current Account Reversals: Always a Problem?
Understanding the U.S. Trade Deficit: A Disaggregated Perspective
Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?
Theoretical Perspectives on Current Account Sustainability and Adjustment
The Unsustainable U.S. Current Account Position Revisited
Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing
The Dot-Com Bubble, the Bush Deficits, and the U.S. Current Account
Contributors
Author Index
Subject Index