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Keywords:Balance of payments 

Journal Article
The new look for the balance of payments

Review , Volume 53 , Issue Aug , Pages 8-11

Report
House price booms, current account deficits, and low interest rates

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

Economic and Financial Policy Review , Issue Jan , Pages 1-9

Journal Article
The Japan - U.S. bilateral trade

Economic Review , Issue Spr , Pages 3-13

Working Paper
Explaining the global pattern of current account imbalances

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

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

Journal Article
Dollar depreciation and the trade deficit

Financial Letters , Issue Jun

Journal Article
Japanese trade balance adjustment to yen appreciation

Quarterly Review , Volume 14 , Issue Aut , Pages 33-47

Report
Borrowing without debt? Understanding the U.S. international investment position

Sustained large U.S. current account deficits have led some economists and policymakers to worry that future current account adjustment could occur through a sudden and disruptive depreciation of the dollar and a sharp drop in U.S. consumption. Two factors that, to date, have cast doubt on such concerns are the stability of U.S. net external liabilities and the minimal net income payments made by the United States on these liabilities. We show that the stability of the external position reflects sizable capital gains stemming from strong foreign equity markets and a weaker dollar - conditions ...
Staff Reports , Paper 271

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