MARC Record from Library of Congress

LEADER: 01799cam a22002777a 4500
001 2009656075
003 DLC
005 20091204090942.0
007 cr |||||||||||
008 091201s2009 mau sb 000 0 eng
010 $a 2009656075
040 $aDLC$cDLC
050 00 $aHB1
245 00 $aCurrent account fact and fiction$h[electronic resource] /$cDavid Backus .... [et al.].
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc 2009.
490 1 $aNBER working paper series ;$vworking paper 15525
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 12/1/2009.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"With US trade and current account deficits approaching 6% of GDP, some have argued that the country is "on the comfortable path to ruin" and that the required "adjustment'' may be painful. We suggest instead that things are fine: although national saving is low, the ratios of household and consolidated net worth to GDP remain high. In our view, the most striking features of the world at present are the low rates of investment and growth in some of the richest countries, whose surpluses account for about half of the US deficit. The result is that financial capital is flowing out of countries with low investment and growth and into the US and other fast-growing countries. Oil exporters account for much of the rest"--National Bureau of Economic Research web site.
700 1 $aBackus, David.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 15525.
856 40 $uhttp://www.nber.org/papers/w15525