Jayakumar, Vivekanand - In: Macroeconomics and Finance in Emerging Market Economies 3 (2010) 2, pp. 189-212
Large US current account deficits, financed mainly by East Asian countries and some OPEC members, gave rise to significant global imbalances in recent years. This paper argues that such imbalances are unsustainable going forward. Faced with lower asset valuations and tighter credit access,...