Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia
---- Acknowledgements -----
This is a substantially revised version of the paper "International Currency and the US Current Account Deficits" that was prepared for the 17th Annual East Asian Seminar on Economics to be held at the Mauna Lani Bay Hotel, 68-1400 Mauna Lani Drive, Kohala Coast, Hawaii on the June 22-24, 2006. We would like to thank A. Rose, L. Goldberg, M. Dooley, two anonymous referees, and the other participants of the conference for their constructive suggestions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.