Report
Nothing can justify the United States having a structural external deficit
Taking into account all relevant factors , the United States should in reality have a structural external surplus: Population ageing is less advanced in the United States than in Europe or Japan: the United States should therefore buy assets from these other regions where ageing is more advanced and which, as a result, are sellers of assets, and this would require a US external surplus; The level of per capita income and per capita capital is higher in the United States than in the rest of the world, capital flows should therefore go from the United States to the rest of the world, which means the United States should have a n external surplus . So the chronic US external deficit is a double anomaly that reduces growth in the rest of the world , and which is due to the chronically low level of savings in the United States made possible by the dollar’s reserve currency role .
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Patrick Artus
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