全球智库信息集成服务系统(G2TT): Globalization and the Sustainability of Large Current Account Imbalances: Size Matters

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w13734
来源ID	Working Paper 13734
	Globalization and the Sustainability of Large Current Account Imbalances: Size Matters
	Joshua Aizenman; Yi Sun
发表日期	2008-01-22
出版年	2008
语种	英语
摘要	This paper evaluates the sustainability of large current account imbalances in the era when the Chinese GDP growth rate and current account/GDP exceed 10%. We investigate the size distribution and the durability of current account deficits during 1966-2005, and report the results of a simulation that relies on the adding-up property of global current account balances. Excluding the US, we find that size does matter: the length of current account deficit spells is negatively related to the relative size of the countries' GDP. We conclude that the continuation of the fast growth rate of China, while maintaining its large current account/GPD surpluses, would be constrained by the limited sustainability of the larger current account deficits/GDP of countries that grow at a much slower rate. Consequently, short of the emergence of a new "demander of last resort," the Chinese growth path would be challenged by its own success.
主题	International Economics ; Trade ; International Factor Mobility ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w13734
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/571409
推荐引用方式 GB/T 7714	Joshua Aizenman,Yi Sun. Globalization and the Sustainability of Large Current Account Imbalances: Size Matters. 2008.

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
w13734.pdf（198KB）	智库出版物		限制开放	CC BY-NC-SA	浏览