BANK FOR INTERNATIONAL SETTLEMENTS

1"

BANK FOR INTERNATIONAL SETTLEMENTS" Restricted

Global imbalan(:es and exchange rates

Table 1

Changes in current account imbalances 1997-2003

Country/region

United States

Euro area

Japan

Emerging Asia

Latin America

Transition economies

Others

Total

Source: IMF.

Table 2

Table 3

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Graph 3 Saving and investment in the United Sta te s

As a percentage 01 GDP

12

8

4

o

-4

-8

I I I I I I I1997 1998 1999 2000 2001 2002 2003 -12

, Delined as gross saving less gross investment.

Source: US Bureau 01 Economic Analysis (SGB table 5.1).

Graph 4 Current account and long-term capital in the United States

In billions of US dollars600

500

400

300

200

100

o

I I I I I I II I I I I I '-100

1997 1998 1999 2000 2001 2002 2003

Source: US Bureau 01 Economic Analysis.

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Graph 5 US current account and domestic saving-investment balances

As a percentage of GDP

I:=::J Current account-Public sector saving/investment-Private sector saving/investment

6

4

l/ 2

o-

-2

-4

-6-

c 1 I I I I I , I , I 1 "1 1 1 I I , 1 I 1 I I I I I 1 I I 1 1 I , , I I , , I I I , , I I 1 ; ,1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Source: US Bureau 01 Economic Analysis.

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