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Dr. Klaus Hafemann

Kaufmännischer Geschäftsführer

Tel: +49 221 4981-610 Mail: hafemann@iwkoeln.de Klaus Hafemann

Seit 2008 im IW
Seit 2021 Geschäftsführer im IW
Studium der Volkswirtschaftslehre an der Westfälischen Wilhelms-Universität in Münster

IW Publications

(gemeinsam mit Michael Hüther)
Entwicklung und Determinanten des US-Leistungsbilanzdefizits
IW-Trends 1/2011

More from Dr. Klaus Hafemann

IW-Trends No. 1 25. March 2011 Klaus Hafemann / Michael Hüther

Development and Determinants of the US Current Account Deficit

The US have been showing a current account deficit for some time. The reason is the enormously negative trade balance caused by net imports from many countries, including emerging markets in Asia, oil exporting countries and industrialized countries. By far the biggest net exporter of goods to the US is China, which experiences a massive and enduring economic boom fueled by strong investment and high export growth. In this context, some voices, mainly in the US, accuse the Chinese government of heavily boosting the country’s exports. There is some truth to these charges. However, the net capital import into the US which accompanies its current account deficit must be understood in the light of its long-lasting expansive monetary and fiscal policies. The net export of goods of a number of industrialized countries into the US is a result of structural differences and economic specialization.Download | PDF