IMF Staff Papers, Volume 51, 2004, Special Issue: IMF Fourth Annual Research Conference

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International Monetary Fund, 2004 M06 10 - 164 pages
This is the 2004 (Volume 51) Special Issue of IMF Staff Papers, which includes 6 selected papers (from more than 20) that were presented at the IMF's Fourth Annual Research Conference, November 6-7, 2003.

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Thirty Years of Current Account Imbalances
A Discussion
Accounting for Consumption Volatility Differences
Exchange Rate Policy and the Management of Official

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Page 5 - It follows that an increase in a current account deficit that results from a shift in private sector behavior — a rise in investment or a fall in savings — should not be a matter of concern at all.
Page 5 - In the 1994 Brookings Panel Session on Mexico, Stanley Fischer supported the view that large current account deficits are dangerous. He argued that: The Mexican current account deficit is huge, and it is being financed largely by portfolio investment. Those investments can turn around very quickly and leave Mexico with no choice but to devalue . . . And as the European and especially the Swedish experiences show, there may be no interest rate high enough to prevent an outflow and a forced devaluation.

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