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? /

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Bibliographic Details
Author / Creator:	Balakrishnan, Ravi, author.
Imprint:	[Washington, D.C.] : International Monetary Fund, Western Hemisphere Dept., ©2007.
Description:	1 online resource (39 pages) : illustrations
Language:	English
Series:	IMF working paper, 2227-8885 ; WP/07/160 IMF working paper ; WP/07/160.
Subject:	Balance of payments -- United States -- Econometric models. Debts, External -- United States -- Econometric models. Finance -- United States -- Econometric models. Balance of payments -- Econometric models. Debts, External -- Econometric models. Finance -- Econometric models. United States.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12496391

Hidden Bibliographic Details
Other authors / contributors:	Bayoumi, Tamim A., author. Tulin, Volodymyr, author. International Monetary Fund. Western Hemisphere Department.
ISBN:	1283517027 9781283517027 1451911777 9781451911770
Notes:	Includes bibliographical references (pages 37-39). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	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 empirically. Perhaps surprisingly, financial deepening and falling home bias in industrialized countries explain a large share of external financing. The savings glut hypothesis (including difficult-to-track petrodollar recycling) and U.S. financial innovation are also important, in part as a cause of declining home bias in industrialized countries. The latter underscores the importance of not looking at these factors in isolation, but rather as a constellation of forces that can be self-reinforcing.
Other form:	Print version: Balakrishnan, Ravi. Globalization, gluts, innovation or irrationality. [Washington, D.C.] : International Monetary Fund, Western Hemisphere Dept., ©2007
Standard no.:	10.5089/9781451911770.001

Description
Summary:	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 empirically. Perhaps surprisingly, financial deepening and falling home bias in industrialized countries explain a large share of external financing. The savings glut hypothesis (including difficult-to-track petrodollar recycling) and U.S. financial innovation are also important, in part as a cause of declining home bias in industrialized countries. The latter underscores the importance of not looking at these factors in isolation, but rather as a constellation of forces that can be self-reinforcing.
Physical Description:	1 online resource (39 pages) : illustrations
Format:	Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Bibliography:	Includes bibliographical references (pages 37-39).
ISBN:	1283517027 9781283517027 1451911777 9781451911770
ISSN:	2227-8885 ;