Sunday, July 12, 2009

Some world stats

According to the IMF, out of 182 countries for the year 2007:
  • 66 ran current account surpluses
  • 116 ran current account deficits
In levels,
  • China ran the largest current account surplus at $371.8 billion US
  • The US ran the largest current account surplus at -$731.2 billion US (Spain was the second biggest debtor at -$145. billion US)
As a % of GDP,
  • _____ ran the largest current account surplus
  • _____ ran the largest current account deficit
You tell me.

And closely tied to current account imbalances, here is an interesting post: David Beckworth at Macro and Other Market Musings proposes that there be a regulator of global nominal spending. Worth a look:
First, the IMF should be monitoring global nominal spending given its objectives for global financial stability. Second, the Federal Reserve should also be closely monitoring global nominal spending because (1) it is a monetary superpower and can currently shape to some degree global nominal spending and (2) it has also an enhanced mandate for financial stability. Stabilizing global nominal spending will not eliminate all financial risk, but it will go along way in preventing the buildup of economic imbalances.
Rebecca Wilder

3 comments:

  1. Will you give us the answers? aj

    ReplyDelete
  2. Wow you would think the IMF would be able to afford a data interface which actually sorts by "subject."

    The Democratic Republic of Timor-Leste, whatever that is, had the largest current account surplus in 2007, at 296.097% of GDP -- are they a new tax haven that people were fleeing to from Switzerland when the Swiss announced they would reveal account holders to Interpol?

    Grenada had the largest current account deficit, -41.9% of GDP.

    ReplyDelete
  3. James, Great job! You are right - sorts by country rather than subject. But at least the data is there....and for free!

    At any rate, I promise to answer your next couple questions/comments within one hour of my viewing it (I admit, I am pretty bad about that)...what a prize!

    Thanks for commenting, Rebecca

    ReplyDelete