LEADER 04447nam 22006374a 450 001 9910806983203321 005 20200520144314.0 010 $a1-281-06101-8 010 $a9786611061012 010 $a0-88132-468-X 010 $a1-4356-0915-8 035 $a(CKB)1000000000480239 035 $a(OCoLC)216947286 035 $a(CaPaEBR)ebrary10199736 035 $a(SSID)ssj0000265143 035 $a(PQKBManifestationID)11217013 035 $a(PQKBTitleCode)TC0000265143 035 $a(PQKBWorkID)10293958 035 $a(PQKB)11216059 035 $a(MiAaPQ)EBC3385455 035 $a(Au-PeEL)EBL3385455 035 $a(CaPaEBR)ebr10199736 035 $a(EXLCZ)991000000000480239 100 $a20050701d2005 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe United States as a debtor nation /$fWilliam R. Cline 205 $a1st ed. 210 $aWashington, DC $cInstitute for International Economics $cCenter for Global Development$d2005 215 $a1 online resource (325 p.) 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a0-88132-399-3 320 $aIncludes bibliographical references (p. 283-290) and index. 327 $aCover -- Contents -- Preface -- Acknowledgments -- Overview -- Chapter 1 The International Debt Cycle and the United States as an External Debtor -- The Debt Cycle -- Measuring the Net International Investment Position -- The Debt Cycle in Practice -- The Global Balance Sheet Discrepancy -- Debt Cycle Status and Growth Performance -- Appendix 1A Estimating the Net International Investment Position -- Chapter 2 Valuation Effects, Asymmetric Returns, and Economic Net Foreign Assets -- US Valuation Effects -- US Asymmetric Capital Returns -- Capital Services and Economic Versus Accounting Net Foreign Assets -- Alternative Measures: Cash Flow Versus Debt Burden -- Appendix 2A -- Chapter 3 Projecting the US Current Account Deficit and Net Foreign Assets -- A Simple Projection Model -- Calibration and Data -- Identifying the Exchange Rate Lag -- Backcast Performance -- Baseline Projections -- Comparison with Other Projections -- Adjustment Scenarios -- Impact Parameters -- Chapter 4 US Fiscal Imbalance and the External Deficit -- Understanding the Linkages -- From Fiscal Surplus to Deficit -- The Decline in Personal Saving -- Fiscal Outlook for 2005-10 -- Long-Term Fiscal Problem -- General Equilibrium Framework -- Toward Fiscal and External Adjustment -- Appendix 4A A Simple General Equilibrium Model Relating the Trade and Fiscal Balances -- Chapter 5 Sustainability of the US Current Account Deficit and the Risk of Crisis -- US Share in Global Portfolios -- Debt Ratios and Critical Thresholds -- Hard Landing, Long-Term Burden, and Protectionist Pressures -- The Evolving Crisis Debate -- Appendix 5A Key Features of Leading Recent Analyses -- Chapter 6 Impact of the US External Imbalance on the Rest of the World -- Impact on Global Demand -- Impact on Interest Rates -- Emerging-Market Capital Supply and Current Account Performance. 327 $aDeveloping-Country Reserves: Burden or Bonanza? -- East Asian Exchange Rate Rigidity -- Achieving Global Adjustment -- Appendix 6A Optimal Exchange Rate Realignment -- Appendix 6B Recent Alternative Profiles Proposed for Global Adjustment -- Chapter 7 Principal Findings and Policy Implications -- The International Debt Cycle -- Valuation Effects, Asymmetric Returns, and Economic Net Foreign Assets -- Forecasting the US Current Account Deficit and Net Foreign Assets -- The Role of Fiscal Adjustment -- Sustainability and Risks of the Current Account Deficit -- Global Impact of US External Imbalance -- Policy Implications -- References -- Index. 606 $aDebts, External$zUnited States 606 $aBalance of trade$zUnited States 606 $aInvestments, American 607 $aUnited States$xCommercial policy 615 0$aDebts, External 615 0$aBalance of trade 615 0$aInvestments, American. 676 $a336.3/4/0973 700 $aCline$b William R$0121690 712 02$aCenter for Global Development. 712 02$aInstitute for International Economics (U.S.) 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910806983203321 996 $aThe United States as a debtor nation$94002178 997 $aUNINA