HKMA: Australia’s investment-led deficit well balanced
A Hong Kong Monetary Authority paper published on 28 July uses Australia's experience to show that current account deficits, if managed correctly, can lead to long term stability.
Lillian Cheung, Alfred Wong, Kelvin Fan and Hong Xiaom, the paper's authors, note that concerns about the role of external imbalances in the global financial crisis have given the perception that it is riskier to maintain a current account deficit than a surplus. They attempt, therefore, to explain the persistent
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