| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27276 |
| 来源ID | Working Paper 27276 |
| The Welfare Cost of a Current Account Imbalance: A \"Clean\" Effect | |
| Jungho Lee; Shang-Jin Wei; Jianhuan Xu | |
| 发表日期 | 2020-06-01 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | According to the existing open-economy macroeconomics literature, a current account surplus is associated with a welfare loss only when distortions exist in either savings or investment, and bilateral imbalances do not matter when holding a country's overall imbalance constant. We propose a new welfare effect even in the absence of such distortions. We also show that the patterns of bilateral imbalances matter for welfare. In our theory, a trade imbalance -- the largest component of a current account imbalance -- interacts with a country's pollution control ("cleanness") regime to generate welfare effects outside the standard channels. In particular, a trade surplus alters the shipping costs and the composition of a country's imports in ways that increase the disutility of pollution. |
| 主题 | International Economics ; International Finance ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w27276 |
| 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/584947 |
| 推荐引用方式 GB/T 7714 | Jungho Lee,Shang-Jin Wei,Jianhuan Xu. The Welfare Cost of a Current Account Imbalance: A \"Clean\" Effect. 2020. |
| 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 | ||
| w27276.pdf（580KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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