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- Wolf, Martin. 2005a. “The Paradox of Thrift: Excess Savings Are Storing Up Trouble for the World Economy.” Comment and Analysis section, Financial Times, June 13. World Bank. 2005b. World Development Indicators 2005. Washington D.C.: World Bank.
- 3. Alex Izurieta. “Slow Recovery Fable in Growth-Recession Times?-An Appraisal of U.S. Main Imbalances and Implications for the World Economy.” Paper prepared for the XXVII Technical Group Meeting of the G-24, September, 2003.
- 4. Wynne Godley. “Seven Unsustainable Processes: Medium-Term Prospects and Policies for the United States and the World.” Special Report, Annandale-on-the-Hudson, New York: The Levy Economics Institute of Bard College, 1999.
- 5. Capital inflows of 11 per cent of U.S. income cover the U.S. current account deficit of six per cent and U.S. investments abroad of five per cent. The net U.S. external debt of 28 per cent of GDP is made up, in fact, of 108 per cent of GDP in liabilities counterbalanced by 80 per cent of GDP in foreign assets.
- 6. As U.S. interest rates on domestic assets rise, payments abroad on assets purchased by foreign citizens are likely to rise. Until recently, payments to U.S. citizens on foreign assets approximated payments to foreign citizens owning U.S. assets. However, payments on U.S. liabilities are likely to exceed income inflows from U.S.-owned assets abroad (see Godley and Izurieta, 2005).
- 7. International Monetary Fund. World Economic Outlook 2005. Washington D.C: IMF, Table 17 of the Statistical Appendix, p. 226.
- 8. U.S. imports of petroleum goods increased by almost 40 per cent in both 2004 and 2005.
- 9. Cripps, Francis, John Eatwell and Alex Izurieta. 2005a. “Financial Imbalances in the World Economy.” Paper and presentation prepared for the Annual Meetings of the World Bank and IMF, Washington D.C., September.
- 10. Responding to international pressure, China began in late 2005 to manage its exchange rate, but within a very narrow band. Its currency appreciated less than three per cent against the U.S. dollar.
- 11. Wynne Godley, Alex Izurieta, Gennaro Zezza. “Prospects and Policies for the U.S. Economy: Why Net Exports Must Now Be the Motor for U.S. Growth.” Working Paper for the Levy Economics Institute (Bard College, New York) and the Cambridge Endowment for Research in Finance (University of Cambridge). July 2004.
- 14. Martin Wolf. “The Paradox of Thrift: Excess Savings Are Storing Up Trouble for the World Economy.” Comment and Analysis section, Financial Times, June 13, 2005, p. 11. [Wolf, 2005a].
- 16. The statistics are based on the World Bank designation and rely on 2003 data from the World Development Indicators 2005, Table 4.9.
- 17. See Martin Wolf. “Flowing Uphill: Why Capital from Poorer Countries Must One Day Reverse Its Course.” Comment and Analysis Section, Financial Times, June 27, 2005, p. 17. [Wolf, 2005b].
- 20. These holdings increased to US$ 616 billion in 2004 and are projected to reach US$ 826 billion in 2005, according to IMF statistics (World Economic Outlook 2005, Table 35, p. 259).
- 21. See World Bank 2005a for a detailed discussion. 23. See Keith Griffin (1970), “Foreign Capital, Domestic Savings and Economic Development,” Bulletin of the Oxford University Institute of Economics and Statistics, May.
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