{"id":"https://openalex.org/W3123106933","doi":"https://doi.org/10.1787/808008067635","title":"Sustainable and Excessive Current Account Deficits","display_name":"Sustainable and Excessive Current Account Deficits","publication_year":1998,"publication_date":"1998-02-01","ids":{"openalex":"https://openalex.org/W3123106933","doi":"https://doi.org/10.1787/808008067635","mag":"3123106933"},"language":"en","primary_location":{"id":"doi:10.1787/808008067635","doi":"https://doi.org/10.1787/808008067635","is_oa":false,"landing_page_url":"https://doi.org/10.1787/808008067635","pdf_url":null,"source":{"id":"https://openalex.org/S4210234223","display_name":"OECD Development Centre working papers","issn_l":"1815-1949","issn":["1815-1949"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"OECD Development Centre Working Papers","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref","datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://ageconsearch.umn.edu/record/295458","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5109864921","display_name":"Helmut Reisen","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Helmut Reisen","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5109864921"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":43,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.0010999999940395355,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/current-account-deficit","display_name":"current account deficit","score":0.9629999995231628},{"id":"https://openalex.org/keywords/capital-flows","display_name":"capital flows","score":0.8270000219345093},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.8669999837875366},{"id":"https://openalex.org/keywords/sustainability-of-current-account-deficit","display_name":"sustainability of current account deficit","score":0.5979999899864197},{"id":"https://openalex.org/keywords/consumption-smoothing","display_name":"consumption smoothing","score":0.7940000295639038},{"id":"https://openalex.org/keywords/productivity-growth","display_name":"productivity growth","score":0.6150000095367432},{"id":"https://openalex.org/keywords/world-interest-rate","display_name":"international interest rates","score":0.953000009059906},{"id":"https://openalex.org/keywords/debt-to-gdp-ratio","display_name":"debt-to-GDP ratio","score":0.6930000185966492},{"id":"https://openalex.org/keywords/foreign-exchange-reserves","display_name":"foreign exchange reserves","score":0.9829999804496765},{"id":"https://openalex.org/keywords/real-exchange-rate-appreciation","display_name":"real exchange rate appreciation","score":0.8159999847412109},{"id":"https://openalex.org/keywords/foreign-direct-investment","display_name":"foreign direct investment","score":0.7390000224113464},{"id":"https://openalex.org/keywords/personal-savings","display_name":"personal savings","score":0.847000002861023}],"concepts":[{"id":"https://openalex.org/C148043351","wikidata":"https://www.wikidata.org/wiki/Q4456944","display_name":"Current (fluid)","level":2,"score":0.7142801284790039},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.1256532073020935},{"id":"https://openalex.org/C119599485","wikidata":"https://www.wikidata.org/wiki/Q43035","display_name":"Electrical engineering","level":1,"score":0.08921796083450317}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.1787/808008067635","doi":"https://doi.org/10.1787/808008067635","is_oa":false,"landing_page_url":"https://doi.org/10.1787/808008067635","pdf_url":null,"source":{"id":"https://openalex.org/S4210234223","display_name":"OECD Development Centre working papers","issn_l":"1815-1949","issn":["1815-1949"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"OECD Development Centre Working Papers","raw_type":"report"},{"id":"pmh:oai:RePEc:ags:widerw:295458","doi":null,"is_oa":false,"landing_page_url":"https://ageconsearch.umn.edu/record/295458/files/WP133.pdf","pdf_url":"https://ageconsearch.umn.edu/record/295458/files/WP133.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:unu:wpaper:wp-1997-133","doi":null,"is_oa":false,"landing_page_url":"https://www.wider.unu.edu/sites/default/files/WP133.pdf","pdf_url":"https://www.wider.unu.edu/sites/default/files/WP133.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:ageconsearch.umn.edu:295458","doi":null,"is_oa":true,"landing_page_url":"http://ageconsearch.umn.edu/record/295458","pdf_url":null,"source":{"id":"https://openalex.org/S4306401616","display_name":"AgEcon Search (University of Minnesota, USA)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210120349","host_organization_name":"University of Minnesota Rochester","host_organization_lineage":["https://openalex.org/I4210120349"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://ageconsearch.umn.edu/record/295458","raw_type":"Text"},{"id":"pmh:oai:collections.unu.edu:UNU:5224","doi":null,"is_oa":false,"landing_page_url":"http://collections.unu.edu/view/UNU:5224","pdf_url":null,"source":{"id":"https://openalex.org/S4306401912","display_name":"UNU Collections (United Nations University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210148429","host_organization_name":"United Nations University","host_organization_lineage":["https://openalex.org/I4210148429"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":null},{"id":"doi:10.22004/ag.econ.295458","doi":"https://doi.org/10.22004/ag.econ.295458","is_oa":true,"landing_page_url":"https://doi.org/10.22004/ag.econ.295458","pdf_url":null,"source":{"id":"https://openalex.org/S4306401616","display_name":"AgEcon Search (University of Minnesota, USA)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210120349","host_organization_name":"University of Minnesota Rochester","host_organization_lineage":["https://openalex.org/I4210120349"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"}],"best_oa_location":{"id":"pmh:oai:ageconsearch.umn.edu:295458","doi":null,"is_oa":true,"landing_page_url":"http://ageconsearch.umn.edu/record/295458","pdf_url":null,"source":{"id":"https://openalex.org/S4306401616","display_name":"AgEcon Search (University of Minnesota, USA)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210120349","host_organization_name":"University of Minnesota Rochester","host_organization_lineage":["https://openalex.org/I4210120349"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://ageconsearch.umn.edu/record/295458","raw_type":"Text"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.46000000834465027}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":19,"referenced_works":["https://openalex.org/W572537170","https://openalex.org/W1436147413","https://openalex.org/W1561074810","https://openalex.org/W1579776993","https://openalex.org/W1992109042","https://openalex.org/W2030321951","https://openalex.org/W2047876229","https://openalex.org/W2091708589","https://openalex.org/W2113951213","https://openalex.org/W2135259816","https://openalex.org/W2150379105","https://openalex.org/W2159231449","https://openalex.org/W2183520454","https://openalex.org/W2764651386","https://openalex.org/W2954456838","https://openalex.org/W2955263168","https://openalex.org/W3137576375","https://openalex.org/W4254672462","https://openalex.org/W4300765762"],"related_works":["https://openalex.org/W3122623139","https://openalex.org/W3123387413","https://openalex.org/W2096196877","https://openalex.org/W3124822545","https://openalex.org/W2109621191","https://openalex.org/W2127066662","https://openalex.org/W1591737169","https://openalex.org/W3004322930","https://openalex.org/W1589733809","https://openalex.org/W1996540901"],"abstract_inverted_index":{"The":[0,119],"abundance":[1],"of":[2,53,111,124,148,162,177,218,224,232,262,309],"private":[3,277],"capital":[4,24,113,164,233],"flows":[5,114],"confronts":[6],"many":[7],"emerging-market":[8],"authorities":[9,167],"with":[10],"a":[11,73,84,90,122,132,273],"transfer":[12],"problem.":[13],"They":[14],"must":[15],"decide":[16],"whether":[17],"to":[18,29,34,68,83,89,115,169,180,198,247,284],"accept":[19,30,285],"or":[20,26,251],"resist":[21],"the":[22,46,48,51,61,64,69,77,94,106,109,116,129,139,146,155,171,214,225,230,260,269,306],"net":[23],"inflow,":[25],"how":[27,32,76],"much":[28,33],"and":[31,50,88,174,220,229,272,297],"resist.":[35],"This":[36],"paper":[37,62,156],"aims":[38],"at":[39],"assisting":[40],"that":[41,101],"decision":[42],"by":[43,189,205,294,305],"focusing":[44],"on":[45,108],"rationale,":[47],"sustainability":[49,160,196],"source":[52],"protracted":[54,236],"private-sector":[55],"driven":[56],"current":[57,70,79,125,140,237],"account":[58,71,80,126,141,238],"deficits.":[59],"First,":[60],"consults":[63],"consumption-smoothing":[65],"(intertemporal)":[66],"approach":[67,120],"for":[72],"prediction":[74],"about":[75,194],"\"equilibrium\"":[78],"should":[81,143,240],"respond":[82],"reform-induced":[85],"productivity":[86,135],"rise":[87],"cyclical":[91],"drop":[92,275],"in":[93,105,145,268,276],"world":[95,151],"interest":[96,152],"rate":[97,217],"~":[98],"two":[99],"impulses":[100],"have":[102],"figured":[103],"prominently":[104],"discussion":[107],"determinants":[110],"recent":[112],"emerging":[117],"markets.":[118],"predicts":[121],"widening":[123],"deficits":[127,184,239],"if":[128],"country":[130],"enjoys":[131],"persistent":[133],"idiosyncratic":[134],"boom.":[136],"By":[137],"contrast,":[138],"deficit":[142],"decline":[144],"face":[147],"temporarily":[149],"low":[150],"rates.":[153],"Second,":[154],"presents":[157],"various":[158],"long-term":[159,195],"measures":[161],"debt-augmenting":[163],"flows,":[165],"since":[166],"need":[168],"know":[170],"required":[172],"magnitude":[173],"time":[175],"profile":[176],"adjustment":[178],"back":[179],"payments":[181],"balance":[182],"as":[183,298,300],"will":[185],"not":[186],"be":[187,241,282,303],"financed":[188],"foreigners":[190],"forever.":[191],"Any":[192],"judgment":[193],"needs":[197],"consider":[199],"debt-GDP":[200],"ratios":[201],"(current":[202,211],"versus":[203,212],"tolerated":[204],"investors),":[206],"official":[207],"foreign":[208,287],"exchange":[209,227],"reserves":[210],"targeted),":[213],"potential":[215],"growth":[216],"GDP":[219],"imports,":[221],"catch-up":[222],"appreciation":[223],"real":[226],"rate,":[228],"structure":[231],"inflows.":[234],"Third,":[235],"resisted":[242],"when":[243],"they":[244],"are":[245],"seen":[246],"finance":[248],"excessive":[249,266],"consumption":[250],"unproductive":[252],"investment.":[253],"A":[254,279],"clear":[255],"warning":[256],"signal":[257],"is":[258,292],"usually":[259],"coincidence":[261],"unsustainable":[263],"currency":[264],"appreciation,":[265],"risk-taking":[267],"banking":[270],"system":[271],"sharp":[274],"savings.":[278],"case":[280],"can":[281,302],"made":[283],"all":[286],"direct":[288],"investment,":[289],"unless":[290],"it":[291,301],"distorted":[293],"trade":[295],"restrictions":[296],"long":[299],"absorbed":[304],"existing":[307],"stock":[308],"human":[310],"capital.":[311]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2021,"cited_by_count":18},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2013,"cited_by_count":4}],"updated_date":"2026-09-26T08:19:03.415552","created_date":"2021-02-01T00:00:00"}
