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Working Paper
The stability of large external imbalances: the role of returns differentials
Curcuru, Stephanie E.; Warnock, Francis E.; Dvorak, Tomas (2007)
Were the U.S. to persistently earn substantially more on its foreign investments (?U.S. claims?) than foreigners earn on their U.S. investments (?U.S. liabilities?), the likelihood that the current environment of sizeable global imbalances will evolve in a benign manner increases. However, utilizing data on the actual foreign equity and bond portfolios of U.S. investors and the U.S. equity and bond portfolios of foreign investors, we find that the returns differential of U.S. claims over U.S. liabilities is essentially zero. Ending our sample in 2005, the differential is positive, whereas ...
International Finance Discussion Papers , Paper 894

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

Working Paper
The U.S. external deficit: its causes and persistence
Mann, Catherine L.; Hooper, Peter (1987)
This paper presents an empirical analysis of the macroeconomic and microeconomic factors underlying the causes and persistence of the U.S. external deficit in the 1980s. The paper begins with a review of the extensive literature on this subject, and then outlines an analytical framework that synthesizes several different approaches taken in previous studies. The proximate causes of the deficit are assessed using a partial-equilibrium model of the U.S. current account. We find that the decline in U.S. price competitiveness associated with the appreciation of the dollar over the first half of ...
International Finance Discussion Papers , Paper 316

Report
What is the balance of payments?
Fieleke, Norman S. (1996)
Special Report

Working Paper
Adequacy of international transactions and position data for policy coordination
Stekler, Lois E. (1988)
This paper examines the adequacy of data on current account positions and international indebtedness as indicators of the need for policy adjustments and coordination. Doubts about the adequacy of these data have been raised by the growth of the global current account discrepancy and the statistical discrepancy in the U.S. international transactions accounts. The paper includes a brief review of the conclusions of the IMF working party on the world current account discrepancy and a detailed examination of the data on U.S. international transactions and net investment position. Both ...
International Finance Discussion Papers , Paper 337

Journal Article
Export crowding out
Hutchison, Michael M.; Pigott, Charles (1984)
FRBSF Economic Letter

Journal Article
The interdependence of national monetary policies
Bisignano, Joseph (1975-04)
Economic Review , Issue Spr , Pages 41-48

Working Paper
The twin crises: the causes of banking and balance-of-payments problems
Reinhart, Carmen M.; Kaminsky, Graciela L. (1996)
In the wake of the ERM and Mexican currency crises, the subject of balance-of-payments crises has come to the forefront of academic and policy discussions. This paper focuses on the potential links between banking and balance-of-payments crises. We examine these episodes for a large number of countries and find that knowing that there are banking problems helps in predicting balance-of-payments crises, but the converse is not true; financial liberalization usually predates banking crises, indeed, it helps predict them. Rather than a causal relationship from banking to balance-of-payments ...
International Finance Discussion Papers , Paper 544

Journal Article
Trade deficits and the dollar: a macroeconomic perspective
Meyer, Stephen A. (1986-09)
Business Review , Issue Sep , Pages 15-25

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