Current account fact and fiction
By: David Backus .... [et al.].
Contributors: Backus, David.; National Bureau of Economic Research.
Series: NBER working paper series -- working paper 15525; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 15525.
Publisher: National Bureau of Economic Research
Published: 2009
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "With US trade and current account deficits approaching 6% of GDP, some have argued that the country is "on the comfortable path to ruin" and that the required "adjustment'' may be painful.  We suggest instead that things are fine: although national saving is low, the ratios of household and consolidated net worth to GDP remain high.  In our view, the most striking features of the world at present are the low rates of investment and growth in some of the richest countries, whose surpluses account for about half of the US deficit.  The result is that financial capital is flowing out of countries with low investment and growth and into the US and other fast-growing countries.  Oil exporters account for much of the rest"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 12/1/2009.

Includes bibliographical references.

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