tailieunhanh - the age of turbulence adventures in a new world phần 8

Ông đã buộc mình sống trong thế giới thực về triển vọng kinh tế và chính sách tiền tệ. Quyết định tiếp theo của mình để đi trước và chiến đấu cho việc cắt giảm thâm hụt ngân sách là một hành động can đảm chính trị. Nó sẽ có được rất dễ dàng để đi theo con đường khác. Không nhiều người có thể đã được khôn ngoan cho một năm hoặc hai hoặc thậm chí | CURRENT ACCOUNTS AND DEBT has a broader base from which it can be serviced. For a business cross-border transactions can be complicated by a volatile exchange rate but generally this is a normal business risk. It is true that the market adjustment process seems to be less effective or transparent across borders than within national borders. Prices of identical goods at nearby locations but across borders for example have been shown to differ significantly even when denominated in the same currency Thus cross-border current account imbalances may impart a degree of economic stress that is likely greater than that stemming from domestic imbalances only. Cross-border legal and currency risks are important additions to normal domestic risks. But how significant are the differences Globalization is changing many of our economic guideposts. It is probably reasonable to assume that the worldwide dispersion of the financial balances of unconsolidated economic entities as a ratio to world nominal GDP noted earlier will continue to rise as increasing specialization and the division of labor spread globally. Whether the dispersion of world current account balances continues to increase as well is more of an open question. Such an increase would imply a further decline in home bias. But in a world of nation-states home bias can decline only so far. It must eventually stabilize as indeed it may already have. In that event the . current account deficit would likely move toward balance. In the interim whatever the significance and possible negative implications of the current account deficit maintaining economic flexibility as I have stressed may be the most effective way to counter such risks. The piling up of dollar claims against . residents is already leading to concerns about concentration risk the too-many-eggs-in-one-basket worry that could prompt foreign holders to exchange dollars for other currencies even when the dollar investments yield more. Although foreign .