Third while the focus of the conference was on current account imbalances in the g7 countries it was recognized that the aggregate excess of saving over investment that existed among the emerging market economies at the time of the conference as well as the currency intervention policies of some of these countries were contributing to the current imbalances in the g7 that prevailed as of june 2005. Search fellow of the national bureau of economic research we thank rich clarida barry eichengreen richard portes cedric tille participants at the nber conference on g7 current account imbalances and especially our discussant jose de gregorio for their comments 1 these phenomena have been documented in particular in lane and milesi . The current account deficit of the united states is more than six percent of its gross domestic product an all time high and the rest of the world including other g7 countries such as japan and germany must collectively run current account surpluses to finance this deficit. This paper was written for a conference on the sustainability of the g7 current account im balances following two years when the major source of financing of the deficit was purchases of dollar assets by foreign central banks especially in asia. Project on g7 current account imbalances and helena fitz patrick and brett maranjian for making the conference and the book become a reality i would of course like to thank the authors and discussants for their origi
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