| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11137 |
| 来源ID | Working Paper 11137 |
| The U.S. Current Account and the Dollar | |
| Olivier Blanchard; Francesco Giavazzi; Filipa Sa | |
| 发表日期 | 2005-02-14 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | There are two main forces behind the large U.S. current account deficits. First, an increase in the U.S. demand for foreign goods. Second, an increase in the foreign demand for U.S. assets. Both forces have contributed to steadily increasing current account deficits since the mid--1990s. This increase has been accompanied by a real dollar appreciation until late 2001, and a real depreciation since. The depreciation has accelerated recently, raising the questions of whether and how much more is to come, and if so, against which currencies, the euro, the yen, or the renminbi. Our purpose in this paper is to explore these issues. Our theoretical contribution is to develop a simple portfolio model of exchange rate and current account determination, and to use it to interpret the past and explore alternative scenarios for the future. Our practical conclusions are that substantially more depreciation is to come, surely against the yen and the renminbi, and probably against the euro. |
| 主题 | Macroeconomics ; Business Cycles ; International Economics ; International Factor Mobility ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w11137 |
| 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/568774 |
| 推荐引用方式 GB/T 7714 | Olivier Blanchard,Francesco Giavazzi,Filipa Sa. The U.S. Current Account and the Dollar. 2005. |
| 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 | ||
| w11137.pdf（350KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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