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The current account deficit of the United States is more than six percent of its gross domestic product—an all-time high. And the rest of the world, including

This paper studies large reductions in current account deficits and exchange rate depreciations in low- and middle-income countries. It examines which factors h

"Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can a

The authors challenge this view here and develop two alternative interpretations. Both are based on the notion that a bubble (the "dot-com" bubble) has been dri

In less than three decades, China has grown from playing a negligible role in international trade to being one of the world's largest exporters, a substantial i