scholarly journals Global Imbalances: Globalization, Demography, and Sustainability

2008 ◽  
Vol 22 (3) ◽  
pp. 93-112 ◽  
Author(s):  
Richard N Cooper
Keyword(s):  
United States ◽  
Current Account ◽  
World Economy ◽  
Current Account Deficit ◽  
Trade Deficit ◽  
The United States ◽  
Dominant Feature ◽  
The World ◽  
The U.S ◽  
The Current Account

The current account deficit of the United States has been large in recent years, both in absolute size and relative to GDP. In 2006, it reached $811 billion, 6.1 percent of GDP. It has become a dominant feature of the world economy; if you sum up the current account deficits of all nations that are running deficits in the world economy, the U.S. deficit accounts for about 70 percent of the total. This paper looks beyond the national income accounting relationships to offer a more complex view of the U.S. imbalance. I argue that the generally rising U.S. trade deficit over the last 10–15 years is a natural outcome of two important forces in the world economy—globalization of financial markets and demographic change—and therefore that the U.S. current account deficit is likely to remain large for at least a decade. In a globalized market, the United States has a comparative advantage in producing marketable securities and in exchanging low-risk debt for higher-risk equity. It is not surprising that savers around the world want to put a growing portion of their savings into the U.S. economy. I argue that serious efforts to reduce the U.S. deficit, even collaborative efforts with other countries, may well precipitate a financial crisis and an economic downturn every bit as severe as the one that many fear could result from a disorderly market adjustment to the trade deficit.

scholarly journals Implications of the U.S. Current Account Deficit

1989 ◽  
Vol 3 (4) ◽  
pp. 153-165 ◽  
Author(s):  
David H Howard
Keyword(s):  
United States ◽  
Current Account ◽  
Current Account Deficit ◽  
Analytical Framework ◽  
The United States ◽  
Balance Of Payments ◽  
The World ◽  
The U.S ◽  
The Current Account

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.

scholarly journals The Coming Revolution: The Healthcare Challenge

2018 ◽  
Author(s):  
John Halamka
Keyword(s):  
United States ◽  
Gross Domestic Product ◽  
World Economy ◽  
The United States ◽  
Domestic Product ◽  
The World ◽  
The Right ◽  
The U.S

The United States spends nearly 17% of its gross domestic product on healthcare,1 almost double that of any other industrialized country,2 and achieves worse outcomes by many measures.3 The U.S. may have the most healthcare in the world, but we do not have the best healthcare. Today, Healthcare in the U.S. is a poor value. If we are going to remain competitive in the world economy, we must deliver the right care in the right setting at the right time at the right cost.

Global Savings–Investment Imbalances: What Role for East Asia?

2007 ◽  
Vol 6 (2) ◽  
pp. 1-13 ◽  
Author(s):  
Anwar Nasution
Keyword(s):  
United States ◽  
East Asia ◽  
Current Account ◽  
Global Economy ◽  
Current Account Deficit ◽  
The United States ◽  
Current Path ◽  
Trading Partners ◽  
Global Shocks ◽  
The U.S

This paper examines the current path of global imbalances and the role of East Asia in addressing these issues. The roots of the problem are the exploding budget deficit and soaring current account deficit of the United States. The twin deficits are being financed by foreign savings including the placement of the massive foreign exchange reserves of East Asia in U.S. dollar–denominated debt, such as U.S. Treasury notes. Solving the imbalances will require corrections of internal and external imbalances by both the United States and its trading partners. How East Asia deploys its reserves could set off a tsunami of sales of dollar-based assets that could disrupt the U.S. and global economy. Sharp exchange rate adjustments (particularly a large fall in the U.S. dollar), and a protectionist backlash against the U.S. current account deficit, are in no one's interest as they could trigger global shocks.

THE INFLUENCE OF SCOTTISH ACCOUNTANTS IN THE UNITED STATES: THE EARLY CASE OF THE SOCIETY OF ACCOUNTANTS IN EDINBURGH

1997 ◽  
Vol 24 (1) ◽  
pp. 117-141 ◽  
Author(s):  
T. A. LEE
Keyword(s):  
United States ◽  
General Theory ◽  
Research Program ◽  
The United States ◽  
The World ◽  
Early Case ◽  
The Impact ◽  
Chartered Accountants ◽  
The U.S

This study represents part of a long-term research program to investigate the influence of U.K. accountants on the development of professional accountancy in other parts of the world. It examines the impact of a small group of Scottish chartered accountants who emigrated to the U.S. in the late 1800s and early 1900s. Set against a general theory of emigration, the study's main results reveal the significant involvement of this group in the founding and development of U.S. accountancy. The influence is predominantly with respect to public accountancy and its main institutional organizations. Several of the individuals achieved considerable eminence in U.S. public accountancy.

United States and Its Challenge to Multilateralism in the Global Economy

2018 ◽  
Vol 74 (4) ◽  
pp. 402-419
Author(s):  
Krishnakumar S.
Keyword(s):  
United States ◽  
Global Economy ◽  
World Economy ◽  
Foreign Exchange Market ◽  
Bilateral Trade ◽  
Developing Economies ◽  
The United States ◽  
The Us ◽  
The World ◽  
Merchandise Trade

With Donald Trump as President of United States, multilateralism in the world economy is facing an unprecedented challenge. The international economic institutions that have evolved since the fifties are increasingly under the risk of being undermined. With the growing assertion of the emerging and developing economies in the international fora, United States is increasingly sceptical of its ability to maneuvre such institutions to suit its own purpose. This is particularly true with respect to WTO, based on “one country one vote” system. The tariff rate hikes initiated by the leader country in the recent past pose a serious challenge to the multilateral trading system. The paper tries to undertake a critical overview of the US pre-occupation of targeting economies on the basis of the bilateral merchandise trade surpluses of countries, through the trade legislations like Omnibus Act and Trade Facilitation Act. These legislations not only ignore the growing share of the United States in the growing invisibles trade in the world economy, but also read too much into the bilateral trade surpluses of economies with United States and the intervention done by them in the foreign exchange market.

scholarly journals European Direct Investment in Brazil, 1860 to the Present

2010 ◽  
Vol 3 (1) ◽  
Author(s):  
Sérgio de Oliveira Birchal ◽  
Âmara Fuccio de Fraga e Silva
Keyword(s):  
United States ◽  
20Th Century ◽  
Direct Investment ◽  
World Economy ◽  
The United States ◽  
Geographical Proximity ◽  
Japanese Firms ◽  
The World ◽  
The Usa ◽  
Western European

European direct investment in Brazil dates back to the discovery of the country and has been since then either hegemonic or more important than a superficial observation can grasp, as this work aims at showing. During the 20th century, the United States has replaced Britain as the worlds economic superpower and the largest direct investor. US dominance in the world economy and geographical proximity to Brazil would suggest that US investments were by far the largest in the country during that century. Furthermore, as Japan had become the second largest economy in the world in the 1980s, we would expect that this would be reflected in the data of the largest multinationals in Brazil. However, as our investigation suggests, Western European direct investment has been as large (and in many occasions even larger) as that of the USA and Japanese firms have never had a prominent presence among the largest firms in Brazil, at least until the late 1990s.

scholarly journals World trade and regional trade orientation in the context of forthcoming transatlantic trade and investment partnership

Equilibrium ◽  
2015 ◽  
Vol 10 (3) ◽  
pp. 105 ◽  
Author(s):  
Elżbieta Czarny ◽  
Paweł Folfas
Keyword(s):  
World Trade ◽  
World Economy ◽  
Dominant Role ◽  
The United States ◽  
The European Union ◽  
Regional Trade ◽  
The World ◽  
Trade And Investment ◽  
The U.S ◽  
The Eu

We analyse potential consequences of the forthcoming Trade and Investment Partnership between the European Union and the United States (TTIP) for trade orientation of both partners. We do it so with along with the short analysis of the characteristics of the third wave of regionalism and the TTIP position in this process as well as the dominant role of the EU and the U.S. in the world economy – especially – in the world trade. Next, we study trade orientation of the hypothetical region created in result of TTIP. We use regional trade introversion index (RTII) to analyze trade between the EU and the U.S. that has taken place until now to get familiar with the potential changes caused by liberalization of trade between both partners. We analyze RTII for mutual trade of the EU and the U.S. Then, we apply disaggregated data to analyze and compare selected partial RTII (e.g. for trade in final and intermediate goods as well as goods produced in the main sectors of economy like agriculture or manufacturing). The analysis of the TTIP region’s orientation of trade based on the historical data from the period 1999-2012 revealed several conclusions. Nowadays, the trade between the EU and the U.S. is constrained by the protection applied by both partners. Trade liberalization constituting one necessary part of TTIP will surely help to intensify this trade. The factor of special concern is trade of agricultural products which is most constrained and will hardly be fully liberalized even within a framework of TTIP. Simultaneously, both parties are even now trading relatively intensively with intermediaries, which are often less protected than the average of the economy for the sake of development of final goods’ production. The manufactured goods are traded relatively often as well, mainly in consequence of their poor protection after many successful liberalization steps in the framework of GATT/WTO. Consequently, we point out that in many respects the TTIP will be important not only for its participants, but for the whole world economy as well. TTIP appears to be an economic and political project with serious consequences for the world economy and politics.

scholarly journals “Shale Revolution” in the United States as the Main Driver of the World Oil Market Transformation

2019 ◽  
Vol 12 (6) ◽  
pp. 71-93
Author(s):  
S. A. Zolina ◽  
I. A. Kopytin ◽  
O. B. Reznikova
Keyword(s):  
United States ◽  
Crude Oil ◽  
Oil Production ◽  
The United States ◽  
Oil Price ◽  
Oil Market ◽  
Oil Exports ◽  
The World ◽  
Oil Sector ◽  
The U.S

In 2018 the United States surpassed Saudi Arabia and Russia to become the largest world oil producer. The article focuses on the mechanisms through which the American shale revolution increasingly impacts functioning of the world oil market. The authors show that this impact is translated to the world oil market mainly through the trade and price channels. Lifting the ban on crude oil exports in December 2015 allowed the United States to increase rapidly supply of crude oil to the world oil market, the country’s share in the world crude oil exports reached 4,4% in 2018 and continues to rise. The U.S. share in the world petroleum products exports, on which the American oil sector places the main stake, reached 18%. In parallel with increasing oil production the U.S. considerably shrank crude oil import that forced many oil exporters to reorient to other markets. Due to high elasticity of tight oil production to the oil price increases oil from the U.S. has started to constrain the world oil price from above. According to the majority of authoritative forecasts, oil production in the U.S. will continue to increase at least until 2025. Since 2017 the tendency to the increasing expansion of supermajors into American unconventional oil sector has become noticeable, what will contribute to further strengthening of the U.S. position in the world oil market and accelerate its restructuring.  

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