NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Endogenous Discounting, the World Saving Glut and the U.S. Current Account

Horag Choi, Nelson C. Mark, Donggyu Sul

NBER Working Paper No. 13571
Issued in November 2007

---- Acknowledgements -----

We have benefitted from the comments by seminar participants at Brandeis University, City University of Hong Kong, the Dallas Fed, the University of Kentucky, the Philadelphia Fed and the St. Louis Fed. The comments of two anonymous referees and Charles Engel (the editor) led to a substantially revised and improved paper. Mark thanks the NSF for support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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