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Federal Reserve Bank of Boston
Conference Series ; [Proceedings]
Understanding global imbalances
Richard N. Cooper

Two contemporary issues provide reason to focus on national saving and investment: the debate over public pensions, and pensions more generally, in all rich countries; and the large global current account imbalances, conceptually the difference between national savings and domestic investment. Are we all saving enough to provide adequate retirement income for rapidly ageing populations – especially Americans, whose household savings seems to have disappeared altogether in 2005? And are the countries with large external deficits – notably the United States – mortgaging the income of future generations inappropriately, not to mention courting financial calamity in the meantime?

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Richard N. Cooper, "Understanding global imbalances", Federal Reserve Bank of Boston, Conference Series ; [Proceedings], volume 51, number y:2006:n:51:x:2, 2006.
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Keywords: Balance of trade ; International trade ; Pensions ; Retirement income ; Saving and investment
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