【案例名称】U.S. Current Account Deficit

【作者】Laura Alfaro, Rafael Di Tella, Ingrid Vogel, Renee Kim, Matthew Johnson

【页数】32

【格式】PDF

【语言】英语

【出版日期】2005年7月6日

【修订日期】2010年9月29日

【学科】公共关系 (Business & Government Relations)

【案例编号】706002-PDF-ENG

【来源】HBS Premier Case Collection

【网页】http://cb.hbsp.harvard.edu/cb/product/706002-PDF-ENG

【简介】

Investors and policymakers throughout the world were confronted with the risk of painful economic consequences arising from the large U.S. current account deficit. In 2007, the U.S. current account deficit was $731 billion, equivalent to 5.3% of GDP. The implications of the deficit were debated with intensity. At one extreme, it was argued that large deficits would eventually resolve themselves smoothly, even if they persisted for many more years. Former Federal Reserve Chairman Alan Greenspan was among those expecting a "benign resolution to the U.S. current account imbalance." Other analysts, such as economists at the World Bank, believed the large deficits raised the risk of a sharp and disorderly fall of the dollar and that necessary macroeconomic adjustment that could be painful, for the United States as well as for the rest of the world. The Financial Times asked: "How long will foreigners be prepared to make such generous 'gifts' to the US?" In this environment, Berkshire Hathaway, run by legendary investor Warren Buffett, postulated that current account imbalances would lead to "some chaotic markets in which currency adjustments play a part" and announced to shareholders a plan to increase investment in overseas companies to protect against this risk. It remained to be seen what the short and long-term implications of the current account deficit would ultimately yield.

【学习目标】

To study the drivers of the widening U.S. current account deficit and the effects of an adjustment on the world economy and business environment; to review the dynamics of current account imbalances; and to explore parallels with previous historic periods of U.S. external imbalance as well as the relationship between the current account balance and net asset position, including the effects of valuation.

【涉及课题】

Balance of payments; International business; Macroeconomics; World economy

【背景】

    * Geographic: United States
    * Event Year Begin: 2005
    * Event Year End: 2005

【下载】

http://www.mbabbs.com/thread-305-1-1.html