Configuration of current account balances: Are transfers of savings easy?

Finance is also used to transfer excess savings from one region to other regions that have a shortfall in savings. If the regions that have a shortfall in savings are stable and solvent, this transfer is easy and these regions raise financing at low interest rates. If, on the contrary, they are unstable, not very solvent and have weak growth, this transfer of savings is complex and these regions raise financing at high interest rates. We therefore look at the configuration of current account balances and therefore savings deficits or surpluses between the United States, Latin America and Mexico, the euro zone, CEEC, OPEC and Russia, Africa and Turkey, Japan, China, and Asian emerging countries other than China. We see the following significant developments: The United States and Central European countries (CEEC) have continuous external deficits, but attract savings from the rest of the world without any difficulty, even though they have high income levels; Latin America, Africa and Turkey have permanent external deficits, but have difficulty attracting savings from the rest of the world, and therefore have high interest rates while they have low living standards. These countries are therefore the losers of the functioning of the international monetary system .