... contributed to debt-led growth and current account deficits in major liberal market economies (LMEs), whereas pronounced falls in the wage share contributed to export-led growth and current account surpluses in coordinated market economies (CMEs). We discuss how, against a global trend of liberalization...

...Fabio Ascione; Matthias Schnetzer Address for correspondence: Fabio Ascione, Department of Economics (CES), University of Paris 1 Panthéon-Sorbonne, 106-112 bd de l’Hôpital, 75647, Paris Cedex 13, France; email: fabio.ascione@etu.univ-paris1.fr Fig. 2. Current account balances in 31...

... and increases in government spending anywhere are expansionary everywhere; and (4) When there is a scarcity of safe assets, net issuers of these assets import the recession from abroad. Liquidity and safety traps Safe assets Global recession Currency wars Trade wars Current account...

... significant opposition against the policies that generate them. We show that political discourse helps to secure public support for these policies and the resulting economic outcomes. First, a content analysis of 32 000 newspaper articles finds that the dominant interpretations of current account balances...

.../standard_publication_model ) Abstract While current account imbalances have widened in recent decades, their causes are still debated. Trade-centred approaches highlight the role of cost competitiveness, in particular unit labour costs, and aggregate demand. In contrast, finance-centred approaches focus on gross financial...

... the two macroeconomic accounts—the fiscal and the current account—and keeps its five macroeconomic prices right. © The Author(s) 2019. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved. 2019 This article is published and distributed under...

... ( https://dbpia.nl.go.kr/journals/pages/open_access/funder_policies/chorus/standard_publication_model ) Abstract Do the USA have a current account surplus or a deficit with the EU? Since 2009, official sources disagree: The U.S. Department of Commerce claims a consistent US surplus while Eurostat...

... find that (1) many countries of the Northern group featured low public deficits or even budget surpluses, current account surpluses and a private sector in a net lending position, while countries of the Southern periphery, the Anglo-Saxon countries and many Eastern European economies took the mirror...

... disposable income. This may reflect government transfers, but also the importance of unincorporated businesses in Germany. During both the 1980s and 2000s, the increase in the current account was driven by the rise in the corporate financial balance. Note that the weak domestic demand was not due to low...

...Antonis Adam; Thomas Moutos In this article, we argue that the modality of budget consolidation (i.e. tax-based versus spending-based) can be an important determinant of the output costs of current account adjustment episodes. ¹ More specifically, we claim that efforts to improve...

...Moritz Schularick; Paul Wachtel Figure 1 US Saving and Investment as % of GDP. Note: Panel A shows gross domestic investment, national savings and the current account balance from the NIPA. Panel B shows the net financial investment of each sector. There is another way of looking...

... productivity growth rate. What is wrong with international, intertemporal trade? Are there not ‘gains from trade’? Within countries intertemporal trade goes on all the time. Some regions of a country are net capital exporters (hence have current account surpluses) and others are net capital importers...

... of global economic imbalance to the hegemonic position of US dollar as the major reserve currency. They argue that the end of the Bretton Woods System in the early 1970s did not reduce US monetary power. ‘Dollar dominance’ largely causes the current account imbalance between the US, East Asia...

...Yu Yongding Between 1981 and 2011, China ran a trade and current account surplus every year except for 1985–6, 1988–9, and 1993 (see Table 1 ). This period has coincided with an aggressive export promotion policy. In theory, export promotion was aimed at exploiting China’s perceived comparative...

...Parthasarathi Shome Abstract The global economic crisis of 2008–9 followed by the euro area sovereign debt crisis of 2011–12 has revealed the need for global rebalancing. Economies with current account surpluses need to increase domestic demand, while deficit countries need to reduce...

... integration savings–investment correlation current account imbalances F21 F32 G15 Over the past decades, especially developed countries have become increasingly financially integrated, as witnessed, for instance, by the exploding amount of cross-country capital flows. This trend has continued and even...

...This chapter begins with a discussion of the main focus of this volume, namely, the experiences of fourteen countries with external liberalization, focusing on Asian transition economies. It describes the methodology used in the studies, the effects of external liberalization, and current account...

... 1992 1993 Prel. 1994       (in millions of US dollars)     Current account −989 −5,823 −7,450 −14,649 −24,439 −23,400 −28,786...

... that the current account balances of Germany, Italy, and the Netherlands are partially influenced by public employers' capacity to uphold intersectoral coordination institutions with the exposed sector. bargaining institutions decentralization Italy northern economies wage moderation civil servants Germany...

.... This has implications for the long-run sustainability of the US current account deficit which will depend, in part, on the long-run behavior of this income. United States Bosworth B Bridgeman B Chodorow Reich G Collins S M Curcuru S E Dvorak T Hung J H Mascaro A Warnock F E Foreign direct...