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Author:Howard, David H. 

Working Paper
The behavior of monetary aggregates in major industrialized countries

International Finance Discussion Papers , Paper 207

Working Paper
Implications of the U.S. current account deficit

In 1988, the United States recorded a current account deficit of about $135 billion. The consensus forecast seems to be for little change in the current account in the near term. In this paper, the implications of the U.S. current account deficit and of the consequent buildup in U.S. external debt are examined. The analytical framework for thinking about the U.S. current account is first surveyed, and the results from the empirical literature on the causes of the deficits in the 1980s are then reported. The sustainability of the U.S. external position is discussed next. It is concluded that, ...
International Finance Discussion Papers , Paper 350

Working Paper
The real rate of interest on international financial markets

International Finance Discussion Papers , Paper 136

Working Paper
Monetary correction and interest rates

International Finance Discussion Papers , Paper 68

Working Paper
The United States as a heavily indebted country

According to data published by the Department of Commerce, the U.S. net international investment position (roughly the net external debt position with its sign reversed) at the end of 1987 was a negative $368 billion. This sum represents a deterioration of about $100 billion from the end-1986 level. The sharp downward plunge in the United States' net international investment position in recent years is, of course, a reflection of the large current account deficits recorded during most of the 1980s. In this paper, the U.S. net external debt position is examined and compared with the experience ...
International Finance Discussion Papers , Paper 353

Working Paper
The denationalization of money: a review

International Finance Discussion Papers , Paper 102

Working Paper
Personal saving behavior in five major industrialized countries

International Finance Discussion Papers , Paper 90

Working Paper
Purchasing power parity and real after tax interest rate arbitrage

International Finance Discussion Papers , Paper 222

Working Paper
External adjustment in selected developing countries in the 1990s

An analytic and accounting framework is presented for examining the evolution of the external positions of eight developing countries: Argentina, Brazil, Chile, Korea, Mexico, Peru, the Philippines, and Venezuela. The framework is used to analyze the historical paths of external debts in these countries. Then, under fairly conventional baseline specifications, and assuming that no other relevant factors change significantly, projections for the debt-export ratios in these eight developing countries are generated, using the analytic framework and a simple simulation model. The baseline ...
International Finance Discussion Papers , Paper 417

Working Paper
International economic implications of the end of the Soviet Union

This paper quantifies roughly some potential economic developments in the former Soviet Union (FSU), if substantive economic reforms go forward, and assesses the likely implications of these developments for the rest of the world. It is assumed that a move to world prices for energy and other economic reforms result in a significant increase in FSU net oil exports. This paper develops and analyzes several alternative scenarios, including cases in which the FSU is specified to cooperate with OPEC. The simulations reported in this paper indicate that the FSU countries would be major ...
International Finance Discussion Papers , Paper 470

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