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|z 9781451867244
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|a 1018-5941
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|a BD-DhAAL
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|a Balakrishnan, Ravi.
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|a Globalization, Gluts, Innovation or Irrationality :
|b What Explains the Easy Financing of the U.S. Current Account Deficit? /
|c Ravi Balakrishnan, Volodymyr Tulin, Tamim Bayoumi.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2007.
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|a 1 online resource (39 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper examines the roles of U.S. financial innovation, financial globalization, and the savings glut hypothesis in explaining the rise in U.S. external debt, first in a portfolio balance model, and then empirically. Perhaps surprisingly, financial deepening and falling home bias in industrialized countries explain a large share of external financing. The savings glut hypothesis (including difficult-to-track petrodollar recycling) and U.S. financial innovation are also important, in part as a cause of declining home bias in industrialized countries. The latter underscores the importance of not looking at these factors in isolation, but rather as a constellation of forces that can be self-reinforcing.
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|a Mode of access: Internet
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|a Bayoumi, Tamim.
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|a Tulin, Volodymyr.
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|a IMF Working Papers; Working Paper ;
|v No. 2007/160
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2007/160/001.2007.issue-160-en.xml
|z IMF e-Library
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