Does the Current Account Still Matter?

Maurice Obstfeld

NBER Working Paper No. 17877
Issued in March 2012

---- Acknowledgements ----

I thank Claudio Borio, Ralph Bryant, Jörg Decressin, Linda Goldberg, Pierre-Olivier Gourinchas, Robert Kollmann, Perry Mehrling, Gian Maria Milesi-Ferretti, and Hélène Rey for helpful discussions. I also thank Philip Lane and Gian Maria Milesi-Feretti for sharing their updated data on international asset and liability positions. Vladimir Asriyan and Gewei Wang provided expert research assistance. Financial support from the International Growth Centre, London School of Economics, and the Center for Equitable Growth, UC Berkeley, is acknowledged with thanks. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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