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Journal of Economic Perspectives: Vol. 3 No. 4 (Fall 1989)


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Implications of the U.S. Current Account Deficit

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Howard, David H. 1989. "Implications of the U.S. Current Account Deficit." Journal of Economic Perspectives, 3(4): 153-165.

DOI: 10.1257/jep.3.4.153


In 1988, the United States recorded a deficit of about $135 billion on the current account of its balance of payments with the rest of the world. This paper presents an analytical framework for thinking about the current account deficit, explores causes of the current account deficit, and discusses the United States as a debtor nation and the issue of sustainability.

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Howard, David H. (Board Govs/Fed Res System)

JEL Classifications

431: Open Economy Macroeconomic Studies--Balance of Payments and Adjustment Mechanisms
322: National Government Budgeting and Deficits


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