US deficits may not require big dollar drop - RBA

The large recent US current account deficits have been the subject of an enormous amount of study in academia, among government and central bank economists, in business economic reports, and in the press.

"Many different explanations of the cause of the deficit have been offered, and to varying degrees we believe that all may have played a role: low private saving in the US; large public-sector budget deficits; a 'glut' of savings in the rest of world; and, perhaps even a misalignment of nominal

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