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| N°19 |
| Summer 2003 |
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| Current Account Imbalances:
Short-Term or Long-Term Financing |
| Isabelle Rabaud |
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The growing current deficits
of the United States, the persistence of a current surplus in Japan and
the liberalisation of financial markets increased international capital
movements during the 1990s.
Graphs 1 and 2 retrace the way major zones finance (use) their current account
deficits (surpluses). The data is taken from the CEPII's CHELEM database,
and the Graphs show net capital movements: for example, in 1999-2001 the
eurozone was a major net recipient of bank loans and a large net exporter
of FDI. The United States exhibits specific characteristics relative to
other developed economies, but is also different from the emerging countries...
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