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International financial flows and the current business expansion

Author

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  • Owen F. Humpage

Abstract

Since 1992, the United States has enjoyed sustained, rapid economic expansion characterized by rising labor force participation, booming net investment spending for information equipment and computer software, and strong productivity growth. Substantial foreign capital inflows have helped to finance the investment boom as well as a rise in private domestic consumption spending. This paper illustrates how capital inflows can be both a bane and a boon to economic growth.

Suggested Citation

  • Owen F. Humpage, 2001. "International financial flows and the current business expansion," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Apr.
  • Handle: RePEc:fip:fedcpd:y:2001:i:apr:n:2
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    References listed on IDEAS

    as
    1. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-329, June.
    2. Jack L. Hervey & Michael A. Kouparitsas, 2000. "Should we be concerned about the current account?," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Apr.
    3. Howard, David H, 1989. "Implications of the U.S. Current Account Deficit," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 153-165, Fall.
    4. Jack L. Hervey & Loula S. Merkel, 2000. "A record current account deficit: causes and implications," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 25(Q IV), pages 2-13.
    5. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, December.
    6. David H. Howard, 1989. "Implications of the U.S. current account deficit," International Finance Discussion Papers 350, Board of Governors of the Federal Reserve System (U.S.), revised 1989.
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    Cited by:

    1. Annie Corbin, 2003. "Statut de monnaie de réserve du dollar et seigneuriage américain : bilan et perspectives," Revue d'Économie Financière, Programme National Persée, vol. 72(3), pages 265-276.

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