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International Macroeconomics

International Macroeconomics Schmitt-Groh e1 Uribe2 Woodford3. Last updated: May 4, 2016. 1. Columbia University. E-mail: 2. Columbia University. E-mail: 3. Columbia University. E-mail: ii Contents 1 Global Imbalances 1. Balance-of-Payments Accounting .. 1. The Current Account .. 7. Trade Balances and Current-Account Balances Across Countries 10. Imbalances in Merchandise Trade .. 14. The Current Account and the Net International Investment Position 15. Valuation Changes and the Net International Investment Position 18. The Negative NIIP And Positive NII Paradox: Dark Matter? 26. Dark Matter .. 27. Return Differentials .. 29. Who Lends and Who Borrows Around the world ?

in others. The United States became the largest external debtor in the world in the late 1980s and has maintained this position ever since. At the same time, China, Japan, and Germany hold large asset positions against the rest of the world. This phenomenon has come to be known as global imbalances.

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