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Discussion Paper
Falling Oil Prices and Global Saving
Klitgaard, Thomas; Russo, Patrick (2015-06-24)
The rise in oil prices from near $30 per barrel in 2000 to around $110 per barrel in mid-2014 was a dramatic reallocation of global income to oil producers. So what did oil producers do with this bounty? Trade data show that they spent about half of the increase in total export revenues on imports and the other half to buy foreign assets. The drop in oil prices will unwind this process. Oil-importing countries will gain from lower oil bills, but they will also see a decline in their exports to oil-producing countries and in purchases of their assets by investors in these countries. Indeed, ...
Liberty Street Economics , Paper 20150624

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

Report
House price booms, current account deficits, and low interest rates
Ferrero, Andrea (2012)
One of the most striking features of the period before the Great Recession is the strong positive correlation between house price appreciation and current account deficits, not only in the United States but also in other countries that have subsequently experienced the highest degree of financial turmoil. A progressive relaxation of credit standards can rationalize this empirical observation. Lower collateral requirements facilitate access to external funding and drive up house prices. The current account turns negative because households borrow from the rest of the world. At the same time, ...
Staff Reports , Paper 541

Journal Article
The case of the world's missing money
Laney, Leroy O. (1986-01)
Economic and Financial Policy Review , Issue Jan , Pages 1-9

Journal Article
The Japan - U.S. bilateral trade
Sakamoto, Tomohiko (1988-04)
Economic Review , Issue Spr , Pages 3-13

Report
Are exchange rates misaligned or excessively volatile? An intertemporal balance of payments equilibrium approach
Hung, Juann H. (1990)
Research Paper , Paper 9001

Working Paper
Explaining the global pattern of current account imbalances
Kamin, Steven B.; Gruber, Joseph W. (2005)
This paper assesses some of the explanations that have been put forward for the global pattern of current account imbalances that has emerged in recent years: in particular, the large U.S. current account deficit and the large surpluses of the Asian developing economies. Based on the approach developed by Chinn and Prasad (2003), we use data for 61 countries during 1982-2003 to estimate panel regression models for the ratio of the current account balance to GDP. We find that a model that includes as its explanatory variables the standard determinants of current accounts proposed in the ...
International Finance Discussion Papers , Paper 846

Working Paper
The statistical discrepancy in the U.S. international transactions accounts: sources and suggested remedies
Stekler, Lois E. (1991)
The statistical discrepancy in the U.S. international transactions accounts has tended to be both large and positive over the last decade and a half. In 1990 the statistical discrepancy rose by $45 billion to a record $64 billion and brought the cumulative discrepancy since 1960 to almost $250 billion. The size and persistence of this discrepancy has called into question the accuracy of the data on the U.S. current and capital accounts. ; This paper attempts to find clues to the sources of the statistical discrepancy by 1) reviewing past history, 2) examining the data sources for each major ...
International Finance Discussion Papers , Paper 404

Discussion Paper
Do Asset Purchase Programs Push Capital Abroad?
Lucca, David O.; Klitgaard, Thomas (2015-08-12)
Euro area sovereign bond yields fell to record lows and the euro weakened after the European Central Bank (ECB) dramatically expanded its asset purchase program in early 2015. Some analysts predicted massive financial outflows spilling out of the euro area and affecting global markets as investors sought higher yields abroad. These arguments ignore balance of payments accounting, which requires any financial outflow from the euro area to be matched by a similar-sized inflow, absent a quick and substantial current account improvement. The focus on cross-border financial flows also is misguided ...
Liberty Street Economics , Paper 20150812

Journal Article
Dollar depreciation and the trade deficit
Garner, C. Alan (1987-06)
Financial Letters , Issue Jun

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