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Current Account Deficits, External Liabilities and Economic Policy

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  • Mr. J. D. Pitchford

Abstract

This paper assesses the policy significance of foreign liabilities and the current account deficits that give rise to them. Current account imbalances are shown to have some capacity to indicate difficulties elsewhere in the economy, but are imperfect indicators and subject to potential misinterpretation. The paper concludes that successful pursuit of internal balance could be an important factor in stabilizing current account balances, but, beyond that, there seems no good reason for using macroeconomic policy to target the current account as such. However, there may be grounds for microeconomic action to remedy specifically identified problems.

Suggested Citation

  • Mr. J. D. Pitchford, 1992. "Current Account Deficits, External Liabilities and Economic Policy," IMF Working Papers 1992/054, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1992/054
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    Cited by:

    1. Ms. Willa Boots J. Tolo, 2011. "The Determinants of Economic Growth in the Philippines: A New Look," IMF Working Papers 2011/288, International Monetary Fund.
    2. Cumberworth, Matthew & Milbourne, Ross, 1996. "External Debt and Liabilities: Evidence from a Cross Section of Countries," The Economic Record, The Economic Society of Australia, vol. 72(218), pages 201-213, September.
    3. Matthew Cumberworth & Ross Milbourne, 1996. "External Debt and Liabilities: Evidence from a Cross Section of Countries," The Economic Record, The Economic Society of Australia, vol. 72(218), pages 201-213, September.

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