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



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Autore: Milesi-Ferretti Gian Visualizza persona
Titolo: Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar / / Gian Milesi-Ferretti Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2008
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
Exports and Imports
Foreign Exchange
Current Account Adjustment
Short-term Capital Movements
Empirical Studies of Trade
International Investment
Long-term Capital Movements
International economics
Currency
Foreign exchange
Real effective exchange rates
Current account deficits
Trade balance
Current account balance
External position
Balance of payments
Balance of trade
International finance
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  Visualizza cluster
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.: 9910788342003321
Lo trovi qui: Univ. Federico II
Opac: Controlla la disponibilità qui
Serie: IMF Working Papers; Working Paper ; ; No. 2008/260