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Fundamentals at odds? : the U.S. current account deficit and the dollar
Milesi-Ferretti, Gian Maria (Author)

URLURL - Presentation file, Visit http://www.imf.org/external/pubs/ft/wp/2008/wp08260.pdf This link opens in a new window

Abstract
The real effective exchange rate of the dollar is close to its minimum level for the past 4 decades (as of September 2008). At the same time, however, the U.S. trade and current account deficits remain large and, absent a significant correction in coming years, would contribute to a further accumulation of U.S. external liabilities. The paper discusses thetension between these two aspects of the dollar assessment, and what factors can help reconcile them. It focuses in particular on the terms of trade, adjustment lags, and measurement issues related to both the real effective exchange rate and the current account balance.

Language:English
Keywords:ZDA, monetarna politika, valuta, dolar, devizni tečaji, tekoči računi, deficit, bilance, USA, monetary policy, currency, dollar, exchange rate, current accounts, deficit, balances
Work type:Not categorized (r6)
Organization:EF - Faculty of Economics
Year:2008
Publisher:International Monetary Fund
Number of pages:29 str.
Place:Washington (D.C.)
UDC:336.74
COBISS.SI-ID:18513382 Link is opened in a new window
Views:479
Downloads:124
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