Do differences in financial development explain the global pattern of current account imbalances?
By: Joseph W. Gruber and Steven B. Kamin.
Contributors: Kamin, Steven, 1957-; Board of Governors of the Federal Reserve System (U.S.)
Series: International finance discussion papers -- no. 923; International finance discussion papers (Online) -- no. 923.
Publisher: Federal Reserve Board
Published: 2008
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
Description: "This paper addresses the popular view that differences in financial development explain the pattern of global current account imbalances.  One strain of thinking explains the net flow of capital from developing to industrial economies on the basis of the industrial economies' more advanced financial systems and correspondingly more attractive assets.  A related view addresses why the United States has attracted the lion's share of capital flows from developing to industrial economies; it stresses the exceptional depth, breadth, and safety of U.S.  financial markets"--Federal Reserve Board web site.
Notes: Title from PDF file as viewed on 4/28/2008.

Includes bibliographical references.

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Mode of access: World Wide Web.