Two developments have dominated the international economic landscape over the past several years. First, large global external imbalances have persisted, including a large current account deficit in the United States matched by surpluses in other advanced economies, in emerging Asia and-more recently-in fuel-exporting countries (Figure 2.1). These imbalances have been matched by corresponding shifts in net foreign asset positions, although-particularly for the United States-this has been partly offset by valuation changes, reflecting exchange rate movements in conjunction with changes in the relative price of U.S. financial assets.
展开▼
