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Comparing the net foreign liability dynamics of Australia and the United States

Author

Listed:
  • Phil Garton

    (Treasury, Government of Australia)

Abstract

This article examines the evolution of net foreign liabilities as a share of GDP in Australia and the United States. The two countries have been running similarly large current account deficits in recent years. But while net foreign liabilities have been growing steadily as a share of GDP in Australia they have, remarkably, been falling in the US.

Suggested Citation

  • Phil Garton, 2007. "Comparing the net foreign liability dynamics of Australia and the United States," Economic Roundup, The Treasury, Australian Government, issue 4, pages 101-117, December.
  • Handle: RePEc:tsy:journl:journl_tsy_er_2007_4_2
    as

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    File URL: http://archive.treasury.gov.au/documents/1329/PDF/06_Comparing_the_net_foreign_liability_dynamics_of_Australia_and_the_United_States.pdf
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    References listed on IDEAS

    as
    1. David Gruen & Amanda Sayegh, 2005. "The Evolution of Fiscal Policy in Australia," Oxford Review of Economic Policy, Oxford University Press, vol. 21(4), pages 618-635, Winter.
    2. Willer, 2005. "United States Animal Health Association," 2005 NAAMIC Workshop II: Agrifood Regulatory and Policy Integration under Stress 163870, North American Agrifood Market Integration Consortium (NAAMIC).
    3. Pierre-Olivier Gourinchas & Hélène Rey, 2007. "From World Banker to World Venture Capitalist: U.S. External Adjustment and the Exorbitant Privilege," NBER Chapters,in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 11-66 National Bureau of Economic Research, Inc.
    4. Phil Garton, 2007. "Asymmetric investment returns and the sustainability of US external imbalances," Treasury Working Papers 2007-01, The Treasury, Australian Government, revised Feb 2007.
    5. William R. Cline, 2005. "United States as a Debtor Nation, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 3993.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Bank foreign liabilities; debt; liability; monetary policy;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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