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1 1 (August 21, 2019)

handle is hein.crs/govbavg0001 and id is 1 raw text is: Congressional. Research Service , hforming the Iegisative debate since 1914 Global Trade Imbalances: Overview and Issues August 21, 2019 On July 17, 2019, the International Monetary Fund (IMF) published its annual report on global trade that identifies countries with excessive current account balances-both surpluses and deficits-and exchange rates that are misaligned. The current account is a broad measure of a country's global economic engagement and is comprised of trade in goods, services, and official flows. By definition, surpluses or deficits in one country are offset by deficits or surpluses in other countries such that the global current account balance nets to zero (including statistical discrepancy), as indicated in Figure 1. The IMF report indicates that 35% to 45% of countries had balances that were excessive, and that balances of about 3.0% of world gross domestic product (GDP)-both surpluses and deficits-remained relatively constant in 2018. Advanced economies, particularly the United States and the United Kingdom, account for the largest share of negative balances, or deficits, while China's positive current account and exchange rate were deemed to be in line with fundamentals. Other trade specialists argue that extensive cross-border capital flows have reduced the usefulness of the current account as a monitoring device and that policy prescriptions based on current account balances-and trade balances as the largest component of the current account-may be counterproductive. Congressional Research Service https://crsreports.congress.gov IN11157 CRS INSIGHT Prepared for Members and Committees of Congress - I tj -

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