Current Accounts in Debtor and Creditor Countries
提出一个新规则：面对暂时性收入冲击，债务国出现经常账户赤字，债权国出现盈余。该规则基于跨期方法，并得到工业国家数据的支持。
What is the current account response to transitory income shocks such as temporary changes in the terms of trade, transfers from abroad, or fluctuations in production? We propose this new rule: the current account response equals the saving generated by the shock times the country's share of foreign assets in total assets. This rule implies that favourable shocks lead to deficits (surpluses) in debtor (creditor) countries. This rule is a natural implication of the intertemporal approach to the current account if investment risk is high and diminishing returns are weak. Evidence from industrial countries broadly supports this rule.