Current account deficits in the United States (US) and current account surpluses in East Asia are an enduring part of the global economic landscape. They are supported by low saving in the US and by reserve accumulation in Asia. This paper argues that this strategy is causing macroeconomic...

It has been argued that China may stop financing the US external deficit, appreciate the currency, increase consumption and move its economy away from tradables and towards nontradables. Our two-country model shows that paradoxically this policy option is unattractive if the US authorities keep...

The crisis of 2008 has shown the unsustainability of the global imbalances centered on the USChina symbiotic relationship that characterized the previous decade. This has revived the so-called growth-rebalancing debate. In particular, the new emerging consensus calls for a re-orientation of the...

We present a two-country two-stage growth model capturing several salient features of the special US–China relationship and reproducing the process of export-led growth and structural change in China. In phase 1, China accumulates and sterilizes US assets (and finances US consumption) as it...

Alkoholismus kann lange unerkannt bleiben: er wird oft verharmlost, vom Umfeld ertragen oder mitgetragen, der Umwelt gegenüber versteckt, verdrängt oder verleugnet. Das kann ein Erklärungsmuster sein, weshalb diese Krankheit oft lange unbehandelt bleibt. Eine Antwort auf diesen Mechanismus...

The performance related issues of buyer-supplier relationship have attracted both the academic and corporate managers. The study attempts to make theoretical contributions to the literature on relationships in marketing channels. Compared with the impact of the often-investigated construct of...