Summers - The US Current Account Deficit

Summers - The US Current Account Deficit - THE PER...

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The U.S. Current Account Deficit and the Global Economy Lawrence H. Summers Sunday, October 3, 2004 Washington, DC T HE P ER J ACOBSSON L ECTURE
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The U.S. Current Account Deficit and the Global Economy Lawrence H. Summers Washington, DC • 2004
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ISSN 0252-3108 Editor: Archana Kumar Production: IMF Multimedia Services Division Typesetting: Alicia Etchebarne-Bourdin
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Contents Page Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Opening Remarks Jacques de Larosière . . . . . . . . . . . . . . . . . . . . . . . . . . 1 The U.S. Current Account Deficit and the Global Economy Lawrence H. Summers . . . . . . . . . . . . . . . . . . . . . . . . . 3 Questions and Answers . . . . . . . . . . . . . . . . . . . . . . . . . 14 Biography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 The Per Jacobsson Lectures . . . . . . . . . . . . . . . . . . . . . . . 23 The Per Jacobsson Foundation . . . . . . . . . . . . . . . . . . . . 25 iii
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Foreword On Sunday, October 3, 2004, a Per Jacobsson Foundation Lec- ture was presented by Lawrence H. Summers, President of Har- vard University and former Secretary of the U.S. Treasury, in the Hall of the Americas of the Organization of American States in Washington. Mr. Summers spoke on “The U.S. Current Account Deficit and the Global Economy.” The lecture was delivered in conjunction with the Annual Meet- ings of the Boards of Governors of the International Monetary Fund and the World Bank, as is traditionally the case. Per Jacobs- son Foundation events, which include not only lectures but also occasional symposia on topics in finance, economic policy, and international cooperation, are also sometimes held in the context of the Annual General Meeting of the Bank for International Set- tlements (BIS) in Switzerland. This was the case in Zurich in June 2004 when Professor C.A.E. Goodhart of the London School of Economics delivered a lecture on “Some New Directions for Fi- nancial Stability?” The Per Jacobsson Foundation was established in 1964 to com- memorate the work of Per Jacobsson (1894–1963) as a statesman in international monetary affairs. Per Jacobsson was the third Managing Director of the IMF (1956–63) and had earlier served as the Economic Adviser of the BIS (1931–56). Per Jacobsson Foun- dation lectures and contributions to symposia are expressions of personal views and intended to be substantial contributions to the field in which Per Jacobsson worked. They are distributed free of charge by the Foundation. Further information about the Foundation may be obtained from the Secretary of the Founda- tion or may be found on the website, www.perjacobsson.org. v
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Opening Remarks JACQUES DE LAROSIÈRE It is a great honor and a great pleasure for the Per Jacobsson Foundation today to have the participation of Larry Summers. He doesn’t need any introduction because you all know him, and therefore what I’m going to say is going to seem banal and superfluous. But let me just say that I have great respect for and personal friendship with Larry Summers, who has played an extremely im- portant role in this country. You know that Larry is a Harvard man, if I may say so. He got his Ph.D. and was a professor of eco- nomics at Harvard. And, actually, he won a rather interesting award: the Alan T. Waterman Award of the National Science Foun- dation, which Congress has established to honor an exceptional, young—and this is still true of him—U.S. scientist or engineer
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This note was uploaded on 09/25/2010 for the course ECO IntEco taught by Professor Andre during the Spring '06 term at UFRGS.

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Summers - The US Current Account Deficit - THE PER...

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