Business Services Industry
Sharing the trade imbalance burden.
Australasian Business Intelligence, September, 2006
Byline: Kenneth Rogoff
Sep 07, 2006 (The Australian Financial Review - ABIX via COMTEX) -- Financial leaders around the world are concerned by massive and growing trade imbalances. In 2006 the US will borrow $US800bn, or about two-thirds of the world's savings. While the US Federal Reserve is confident of a "soft landing" for the economy, others are concerned that it could lead to a huge depreciation in the US currency and a devastating financial crisis. The International Monetary Fund wants changes to prevent this scenario eventuating. These could include a pledge of fiscal restraint from the US and more exchange-rate flexibility in China. Oil exporters, the biggest sources of new capital, could promise to lift domestic consumption in order to increase...
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