経常収支・資本収支に関する一面的な議論(韓義泳教授退職記念特集号)

概要

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In quite a few occasions, arguments on current account or capital account are found one-sided. Some economists assert that current account of each nation depends on their international competitiveness. Other economists claim that savings investment balance makes current account surplus or deficit. Some people say capital account determines current account, while others believe capital account follows current account. One-sided arguments tend to lead to a wrong policy. In this article, I attempt to analyze one-sided arguments made mainly by the I-S balance adherents, pointing out problems contained in them. The greatest destabilizing factor in the present international economy is, needless to say, the huge U.S. current account deficit. In order to deal with this issue properly, it is necessary to look at the U.S. economy both from I-S balance and international competitiveness viewpoints. Otherwise, sound domestic and international policy would never be put in force.
鹿児島国際大学の論文
2005-03-31