Trade Reforms and Current Account Imbalances: When Does the General Equilibrium Effect Overturn a Partial Equilibrium Intuition?
---- Acknowledgements ----
We thank Jonathan Eaton, Takatoshi Ito, Maurice Obstfeld, Andrew Rose, Stephanie Schmitt-Grohe, Nelson Mark, Vincenzo Quadrini, Michael Song, Martin Uribe and seminar/conference participants at NBER International Trade and Investment Program meeting, NBER East Asia Conference 2010, San Francisco Federal Reserve Pacific Basin Research Conference, Columbia University, IMF, and the World Bank for helpful comments, and Joy Glazener and Nikhil Patel for editorial assistance. All errors are our responsibilities. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.