Current Account Deficits During Heightened Risk: Menacing or Mitigating?*
研究了经常账户赤字和对外资本依赖如何影响一国在风险加剧时期的脆弱性，构建框架评估国际投资组合特征，区分威胁与缓解作用，并应用于10个OECD经济体。
Large current account deficits, and the corresponding reliance on capital flows from abroad, can increase a country’s vulnerability to periods of heightened risk. We develop a framework to evaluate such vulnerabilities and clarify which characteristics of a country’s international investment portfolio determine whether a current account deficit is ‘menacing’ or ‘mitigating’. Financial factors, namely international investment income and valuation changes on international investments, are critical. Our framework explores how domestic and global risk shocks affect these factors. An application to 10 OECD economies shows that a substantial degree of international risk sharing can occur through current accounts and international portfolios.