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Three current account balances : a "semi-structuralist" interpretation

Author: Menzie David Chinn; Jaewoo Lee; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research.
Series: Working paper series (National Bureau of Economic Research), no. 11853.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Abstract: 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  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Menzie David Chinn; Jaewoo Lee; National Bureau of Economic Research.
OCLC Number: 62711160
Notes: December 2005.
Cover title.
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 11853.
Responsibility: Menzie D. Chinn, Jaewoo Lee.

Abstract:

Abstract: 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.

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