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Introduction to "G7 Current Account Imbalances: Sustainability and Adjustment"



Introduction to "G7 Current Account Imbalances: Sustainability and Adjustment" This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: G7 Current Account Imbalances: Sustainability and Adjustment Volume Author/Editor: Richard H. Clarida, editor Volume Publisher: University of Chicago Press Volume ISBN: 0-226-10726-4 Volume URL: Conference Date: June 1-2, 2005 Publication Date: May 2007 Title: Introduction to "G7 Current Account Imbalances: Sustainability and Adjustment" Author: Richard H. Clarida URL: Introduction Richard H. Clarida 1 This volume collects the eleven original papers that were written for the NBER Project on G7 Current Account Imbalances. The individual papers were commissioned in the winter of 2004. A preconference was held in Cambridge, Massachusetts in July 2004 at which participants presented outlines of their papers, reviewed preliminary results, and received exten- sive feedback from other project participants. The papers themselves were written during the fall of 2004 and the winter and spring of 2005 and were presented at a conference in Newport, Rhode Island in June 2005. In ad- dition to the authors, the conference also included a distinguished group of experts who served as discussants for each paper. The written analysis by the discussants are also included in this volume. As the title of this volume indicates, the focus of this project was on the current account imbalances of the world’s seven major industrialized countries. The rationale for this focus was threefold. First, it recognized that current account imbalances in major economies with open capital markets and flexible exchange rates—both deficits and surpluses—are a general equilibrium phenomenon. Second, the subject of current account adjustment in emerging economies and the interplay between this adjust- ment and currency and financial crises were re

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