| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10727 |
| 来源ID | Working Paper 10727 |
| The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap | |
| Michael P. Dooley; David Folkerts-Landau; Peter M. Garber | |
| 发表日期 | 2004-09-06 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We argue that a chronic US current account deficit is an integral and sustainable feature of a successful international monetary system. The US deficit supplies international collateral to the periphery. International collateral in turn supports two-way trade in financial assets that liberates capital formation in poor countries from inefficient domestic financial markets. The implicit international contract is analogous to a total return swap in domestic financial markets. Using market-determined collateral arrangements from these transactions we compute the collateral requirements consistent with recent foreign direct investment in China. The data are remarkably consistent with such calculations. The analysis helps explain why net capital flows from poor to rich countries and recent evidence that net outflows of capital are associated with relatively high growth rates in emerging markets. It also clarifies the role of the reserve currency in the system. |
| 主题 | International Economics ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w10727 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568359 |
| 推荐引用方式 GB/T 7714 | Michael P. Dooley,David Folkerts-Landau,Peter M. Garber. The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10727.pdf（244KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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