全球智库信息集成服务系统(G2TT): Three Current Account Balances: A \"Semi-Structuralist\" Interpretation

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11853
来源ID	Working Paper 11853
	Three Current Account Balances: A \"Semi-Structuralist\" Interpretation
	Menzie D. Chinn; Jaewoo Lee
发表日期	2005-12-12
出版年	2005
语种	英语
摘要	Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area) -- are subjected to a minimalist structural interpretation. Though simple, this interpretation enables us to assess how much of each of the imbalances require a real exchange rate adjustment. According to the estimates, a large part of the U.S. current account deficit (nearly 2 percentage points of the 2004 deficit of 5 1/2 percent of GDP) will undergo an adjustment process that involves real depreciation in its exchange rate. For Japan, a little more than 1 percentage point (of GDP) of the current account surplus is found to require an exchange rate movement (real appreciation) as the surpluses adjust down. For the Euro area, less than half a percentage point of its current account surplus is found to require an adjustment via real appreciation.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w11853
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/569503
推荐引用方式 GB/T 7714	Menzie D. Chinn,Jaewoo Lee. Three Current Account Balances: A \"Semi-Structuralist\" Interpretation. 2005.

条目包含的文件
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w11853.pdf（176KB）	智库出版物		限制开放	CC BY-NC-SA	浏览