LotsOfEssays.com

their cars, they buy our financial paper. Table 3 indicates that the numbers do not line up neatly year by year. But the columns headed "financed privately" and "financed by central banks," do add up; together, they equal the capital account. It is a truism that part of the current-account deficit not financed by private investors must be borne by public ones,(i.e. the central banks.

...