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Globalization, Gluts, Innovation or Irrationality
			: What Explains the Easy Financing of the U.S. Current Account Deficit?

Globalization, Gluts, Innovation or Irrationality : What Explains the Easy Financing of the U.S. Current Account Deficit? »

Volume/Issue: 2007/160

Series: IMF Working Papers

Author(s): Ravi Balakrishnan , Volodymyr Tulin , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

DOI: http://dx.doi.org/10.5089/9781451867244.001

ISBN: 9781451867244

Keywords: U.S. Current Account, Financing, Home Bias, Global Savings Glut, Portfolio Balance, ICAPM, ic, bond, bonds, financial innovation

This paper examines the roles of U.S. financial innovation, financial globalization, and the savings glut hypothesis in explaining the rise in U.S. external debt, first in a portfolio balance model, and then empiri...