Globalization, Gluts, Innovation or Irrationality : What Explains the Easy Financing of the U.S. Current Account Deficit? /

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 industrializ...

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Bibliografski detalji
Glavni autor: Balakrishnan, Ravi
Daljnji autori: Bayoumi, Tamim, Tulin, Volodymyr
Format: Žurnal
Jezik:English
Izdano: Washington, D.C. : International Monetary Fund, 2007.
Serija:IMF Working Papers; Working Paper ; No. 2007/160
Online pristup:Full text available on IMF