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Viewing the current account deficit as a capital inflow

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Author Info
Matthew Higgins
Thomas Klitgaard

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Abstract

With the 1998 current account deficit approaching $225 billion, attention is again focusing on the deficit's impact on U.S. jobs. Although a high deficit does adversely affect employment in export- and import-competing industries, it also means that considerable foreign capital is flowing into the United States, supporting domestic investment spending that stimulates growth and creates jobs.

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Publisher Info
Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): (1998)
Issue (Month): Dec ()
Pages:
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Handle: RePEc:fip:fednci:y:1998:i:dec:n:v.4no.13

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Related research
Keywords: Balance of trade ; Capital movements ; Capital investments ; Investments ; Employment (Economic theory);

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Jonathan McCarthy & Han N. Pham, 1995. "The impact of individual retirement accounts on savings," Current Issues in Economics and Finance, Federal Reserve Bank of New York, issue Sep. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Mohammed I. Ansari, 2004. "Sustainability of the US current account deficit: An econometric analysis of the impact of capital inflow on domestic economy," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 249-269, November. [Downloadable!]
  2. Matthew Higgins & Thomas Klitgaard & Cedric Tille, 2005. "The income implications of rising U.S. international liabilities," Current Issues in Economics and Finance, Federal Reserve Bank of New York, issue Dec. [Downloadable!]
  3. Richard Peach & Charles Steindel, 2000. "A nation of spendthrifts? An analysis of trends in personal and gross saving," Current Issues in Economics and Finance, Federal Reserve Bank of New York, issue Sep. [Downloadable!]
  4. Stefan Papaioannou & Kei-Mu Yi, 2001. "The effects of a booming economy on the U.S. trade deficit," Current Issues in Economics and Finance, Federal Reserve Bank of New York, issue Feb. [Downloadable!]
  5. Matthew Higgins & Thomas Klitgaard, 2000. "Asia's trade performance after the currency crisis," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 37-49. [Downloadable!]
  6. Matthew Higgins & Thomas Klitgaard, 2004. "Reserve accumulation: implications for global capital flows and financial markets," Current Issues in Economics and Finance, Federal Reserve Bank of New York, issue Sep. [Downloadable!]
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This page was last updated on 2009-12-9.

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