This book addresses the current account imbalances of the world's seven major industrialized countries. It is divided into three sections: origins of G7 current account imbalances; empirical studies of G7 current account and exchange rate adjustment; and theoretical perspectives on current account sustainability and adjustment. Part I provides a sophisticated and novel application of the venerable capital account theory of the current account. Part II concentrates on the possible empirical connection between the size of a current account imbalance and the way in which and the channels through which adjustment in that imbalance takes place. Finally, Part III uses economic theory and presents valuable and novel insights into the issues of current account sustainability and adjustment. An overview of the chapters included in this book is given.
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