Has international trade in saving improved US economic welfare?

Makin, Anthony and Narayan, Paresh 2009, Has international trade in saving improved US economic welfare?, Economic Record, vol. 85, S1, pp. S2-S9.

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Title Has international trade in saving improved US economic welfare?
Author(s) Makin, Anthony
Narayan, Paresh
Journal name Economic Record
Volume number 85
Season S1
Start page S2
End page S9
Publisher Economic Society of Australia
Place of publication Melbourne, Vic.
Publication date 2009-09
ISSN 0013-0249
1475-4932
Keyword(s) F30
F43
Summary Over the past decade international policy-makers have perceived the current account deficit of the world's largest foreign borrower economy, the United States, as a threat to global economic and financial stability. Yet, by bridging the US domestic saving-investment gap, capital inflow that matched the huge US current account deficit also enabled a faster rate of domestic capital accumulation than home saving alone would have permitted. Consistent with the theory of international capital movements, this study identifies and compares the respective contributions of domestic and foreign saving to US gross domestic product per worker over the two decades prior to the onset of the US banking crisis. By revealing that foreign borrowing contributed significantly to raising US output and hence living standards over this period, it adds a new dimension to the debate about global imbalances.
Language eng
Field of Research 140212 Macroeconomics (incl Monetary and Fiscal Theory)
Socio Economic Objective 910108 Monetary Policy
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2009, The Economic Society of Australia
Persistent URL http://hdl.handle.net/10536/DRO/DU:30022712

Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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