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US Current Account Deficit and Exchange Rate Tax

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Author Info

  • De Lima, Gabrielle
  • Moura, Guilherme
  • Meurer, Roberto
  • Da Silva, Sergio

Abstract

We examine the relationship between the US current account deficit, the international value of the dollar, and the dollar reserves of foreign central banks. We find that the international value of the dollar impacts the US current account and also that dollar depreciations are accompanied by reductions in the inflow of foreign reserves. The inflow reductions are indicative that the US levies an exchange rate tax on foreigners because the foreign stock of reserves loses value.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3908.

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Date of creation: 08 Jul 2007
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Handle: RePEc:pra:mprapa:3908

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Keywords: US current account; exchange rate tax;

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  1. Maurice Obstfeld & Kenneth Rogoff & Richard Clarida, . "The Unsustainable US Current Account Position Revisited," Working Paper 14901, Harvard University OpenScholar.
  2. Caroline L. Freund, 2000. "Current account adjustment in industrialized countries," International Finance Discussion Papers 692, Board of Governors of the Federal Reserve System (U.S.).
  3. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2004. "Financial Globalization and Exchange Rates," CEPR Discussion Papers 4745, C.E.P.R. Discussion Papers.
  4. Philip Lane & Gian Maria Milesi-Ferreti, 2005. "A Global Perspective on External Positions," Trinity Economics Papers tep16, Trinity College Dublin, Department of Economics.
  5. Olivier Blanchard & Francesco Giavazzi & Filipa Sa, 2005. "The U.S. Current Account and the Dollar," NBER Working Papers 11137, National Bureau of Economic Research, Inc.
  6. repec:tcd:wpaper:tep16 is not listed on IDEAS
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