عنوان

The United States as a debtor nation /

0881323993

088132468X

1281061018

1435609158

6611061010

9780881323993

9780881324686

9781281061010

9781435609150

9786611061012

b704799

The United States as a debtor nation /

[Book]

William R. Cline.

Washington, DC :

Center for Global Development,

2005.

1 online resource (xix, 304 pages) :

illustrations

Includes bibliographical references (pages 283-290) and index.

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 -- 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 -- 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 -- 4. US fiscal imbalance and the external deficit -- Understanding the linkages -- 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 -- 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 -- 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 -- Developing-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 -- 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 implication.

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The United States has once again entered into a period of large external imbalances. This study examines whether the large and growing current account deficit is a problem, and if so, how problem can be solved.

Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.

00013000

United States as a debtor nation.

Balance of trade-- United States.

Debts, External-- United States.

Investments, American.

Balance commerciale-- États-Unis.

Dettes extérieures-- États-Unis.

Investissements américains.

Balance of trade.

Buitenlandse schulden.

BUSINESS & ECONOMICS-- Public Finance.

Commercial policy.

Debt Management

Debts, External.

Handelsbalans.

Handelsbilanz

Internationale leningen.

Investments, American.

United States, Commercial policy.

États-Unis, Politique commerciale.

United States.

USA.

0

6

7

7

BUS-- 051000

Cline, William R.

Center for Global Development.

Institute for International Economics (U.S.)

20201207201355.0

pn

[Book]

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