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Journal Article
Reducing the U.S. deficit by recycling capital inflows
Wen, Yi (2012)
The United States can simply recycle the financial capital inflows from China and re-export them back to China in the form of FDI. In so doing, the United States gains a substantially larger rate of return from FDI than China does from owning U.S. government bonds.
Economic Synopses

Working Paper
Financial integration, entrepreneurial risk and global dynamics
Angeletos, George-Marios; Panousi, Vasia (2010)
How does financial integration impact capital accumulation, current-account dynamics, and cross-country inequality? This paper investigates this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic entrepreneurial risk---a risk that introduces, not only a precautionary motive for saving, but also a wedge between the interest rate and the marginal product of capital. Our contribution is then to show that this friction provides a simple explanation for the emergence of global imbalances, a simple resolution to the empirical ...
Finance and Economics Discussion Series , Paper 2010-54

Journal Article
U.S. balance-of-payments problems and policies in 1971
Bach, Christopher (1972-04)
Review , Volume 54 , Issue Apr , Pages 8-15

Journal Article
The new look for the balance of payments
Bach, Christopher; Balbach, Anatol (1971-08)
Review , Volume 53 , Issue Aug , Pages 8-11

Working Paper
How long can the unsustainable U.S. current account deficit be sustained?
Bertaut, Carol C.; Kamin, Steven B.; Thomas, Charles P. (2008)
This paper addresses three questions about the prospects for the U.S. current account deficit. Is it sustainable in the long term? If not, how long will it take for measures of external debt and debt service to reach levels that could prompt some pullback by global investors? And if and when such levels are breached, how readily would asset prices respond and the current account start to narrow? ; To address these questions, we start with projections of a detailed partial-equilibrium model of the U.S. balance of payments. Based on plausible assumptions of the key drivers of the U.S. external ...
International Finance Discussion Papers , Paper 935

Journal Article
U.S. international transactions: trends in 1960-67
anonymous (1968-04)
Federal Reserve Bulletin , Issue Apr

Journal Article
U.S. balance of payments in 1968
anonymous (1968-12)
Review , Volume 50 , Issue Dec , Pages 15-17

Working Paper
Defaultable debt, interest rates, and the current account
Aguiar, Mark; Gopinath, Gita (2004)
World capital markets have experienced large-scale sovereign defaults on a number of occasions, the most recent being Argentina?s default in 2002. In this paper, we develop a quantitative model of debt and default in a small open economy. We use this model to match four empirical regularities regarding emerging markets: defaults occur in equilibrium, interest rates are countercyclical, net exports are countercyclical, and interest rates and the current account are positively correlated. That is, emerging markets on average borrow more in good times and at lower interest rates than in slumps. ...
Working Papers , Paper 04-5

Journal Article
Balance of international payments in 1954-55
anonymous (1955-10)
Federal Reserve Bulletin , Issue Oct , Pages 1075-1082

Working Paper
Modeling investment income and other services in the U.S. international transactions accounts
Helkie, William L.; Stekler, Lois E. (1987)
This paper presents the services account sector of a model of U.S. international transactions (the USIT model) that is maintained in the Division of International Finance of the Federal Reserve Board. Part I present the models for payments and receipts on direct investment, other investment income, and non-investment services. Part II reports on simulations that indicate the sensitivity of the model's forecast to changes in its predetermined variables such as interest rates and exchange rates. In particular, we explore the implications of large current account deficits and the resulting ...
International Finance Discussion Papers , Paper 319

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