The United States as a Debtor Nation by William Cline

The United States as a Debtor Nation by William Cline

The United States has once again entered into a period of large external imbalances. This time the current account deficit, at nearly 6 percent of GDP in 2004, is much larger than in the last episode, when the deficit peaked at about 3.5 percent of GDP in 1987. Moreover, the deficit is on track to become substantially larger over the next several years. This study examines whether the large and growing current account deficit is a problem, and if so, how the problem can be solved. A central policy conclusion of this study is that it is increasingly important that the United States reduce its external current account deficit. This deficit is no longer benign as it arguably was in the late 1990s when it was financing high investment instead of high consumption and large government dissaving.

William R. Cline has been a senior fellow at the Peterson Institute for International Economics since 1981. During 1996-2001 while on leave from the Institute, Dr. Cline was deputy managing director and chief economist of the Institute of International Finance (IIF) in Washington, DC. From 2002 through 2011 he held a joint appointment with the Peterson Institute and the Center for Global Development, where he is currently senior fellow emeritus. Before joining the Peterson Institute, he was senior fellow, the Brookings Institution (1973-81); deputy director of development and trade research, office of the assistant secretary for international affairs, US Treasury Department (1971-73); Ford Foundation visiting professor in Brazil (1970-71); and lecturer and assistant professor of economics at Princeton University (1967-70). He graduated summa cum laude from Princeton University in 1963, and received his MA (1964) and PhD (1969) in economics from Yale University.

SKU	Unavailable
ISBN 13	9780881323993
ISBN 10	0881323993
Title	The United States as a Debtor Nation
Author	William Cline
Condition	Unavailable
Binding Type	Paperback
Publisher	The Peterson Institute for International Economics
Year published	2005-09-30
Number of pages	324
Cover note	Book picture is for illustrative purposes only, actual binding, cover or edition may vary.