[20180928]IN10972_全球贸易失衡.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Global Trade Imbalances name redaced Specialist in International Trade and Finance Updated September 28, 2018 In July 2018, the International Monetary Fund (IMF) released its latest report on global trade imbalances that identifies countries with “excessive” current account balances and exchange rates that are “misaligned.” The current account is a broad measure of a countrys global economic engagement and is comprised of trade in goods, services, and official flows. The report indicates that 40% to 50% of countries had imbalances that were “excessive,” and that imbalances of about 3.25% of world GDPboth surpluses and deficitsremained constant in 2017, as indicated in Figure 1. In other words, some countries are saving too much and others are borrowing too much (globally, the combined saving and borrowing nets to zero, including statistical discrepancy). Individuals, businesses, and governments contribute to the saving rate. Advanced economies account for a rising share of the deficit: the United States has the single largest deficit. Other trade specialists argue that extensive cross-border capital flows