This paper examines the impact of post-9/11 changes in visa and security policy on business and leisure travel to the United States. American businesses, tourism industry representatives, and politicians pointed to changes in visa policies as being responsible for a sharp decline in short-term...

Recent literature has argued that conventional measures of external sustainability – the trade balance and current account – are misleading because they omit capital gains on net foreign asset positions. We adjust the definition of the current account to include the capital gains and discuss...