Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar / / Gian Milesi-Ferretti

• Autore: Milesi-Ferretti Gian
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2008
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (31 p.)
• Disciplina: 332.450973
• Soggetto topico: Foreign exchange rates - United States; Balance of payments - United States; Budget deficits - United States; Dollar, American; Balance of payments; Balance of trade; Currency; Current Account Adjustment; Current account balance; Current account deficits; Empirical Studies of Trade; Exports and Imports; External position; Foreign Exchange; Foreign exchange; International economics; International finance; International Investment; Long-term Capital Movements; Real effective exchange rates; Short-term Capital Movements; Trade balance
• Soggetto geografico: United States
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Contents; I. Introduction; II. The Current Account Balance and The International Investment Position; III. Some stylized Facts on the dollar and the U.S. current account; A. Two Dollar Cycle Episodes; B. A Comparison Between 2 Adjustment Episodes; IV. Reconciling Prices and Quantities; A. Is the REER Mismeasured? The WARP Argument; B. Is The U.S. Current Account Deficit Overstated?; C. Adjustment Lags; D. The Terms of Trade and Oil Prices; E. External Adjustment and Shift in Relative Prices; V. Conclusions; Tables; 1. Historical Patterns of U.S. Dollar Real Depreciations (1973-2008) ; 2. Historical Patterns of U.S. Dollar Nominal Depreciations (1976-2008)3. The U.S. Current Account Balance and Oil Prices during the Adjuntment Episodes; 4. Cumulative Financial Flows and Changes in the U.S. International Investment Position; Figures; 1. Real Effective Exchange Rate, January 1973-September 2008; 2. Current Account Balance and Non-Oil Balance on Goods and Services (ratio of GDP, 1970Q1-2008Q2); 3. Real Effective Exchange Rate and ""WARP"" Index; 4. Lagged ""WARP"" Index and Non-Oil Balance of Goods and Services ; 5. Non-Oil Trade Balance and Real Exchange Rate: Cross-Correlation (1978Q1-2008Q2)6. Terms of Trade and Oil Prices, 1973-2008; References
• Sommario/riassunto: The real effective exchange rate of the dollar is close to its minimum level for the past 4decades (as of September 2008). At the same time, however, the U.S. trade and currentaccount deficits remain large and, absent a significant correction in coming years, wouldcontribute to a further accumulation of U.S. external liabilities. The paper discusses thetension between these two aspects of the dollar assessment, and what factors can helpreconcile them. It focuses in particular on the terms of trade, adjustment lags, andmeasurement issues related to both the real effective exchange rate and the current accountbalance.
• Titolo autorizzato: Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar
• ISBN: 1-4623-3661-2; 1-4527-0669-7; 1-4518-7118-X; 9786612842115; 1-282-84211-0
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910812130803321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2008/260