From: Rakesh Bhandari (rakeshb@stanford.edu)
Date: Mon Dec 16 2002 - 10:37:27 EST
This was an interesting piece. Drawing on Tim Congdon, Plender
suggested (as I now remember) that hefty returns on US foreign
investments provide some balance to the US current account
deficit--the US, he suggests, enjoys substantially better returns on
its foreign investments than do the Europeans and the Japanese. Also
suggested that US statistics are biased by transfer pricing which
allow profits to be claimed in, say, Ireland. I read the hard copy;
one has to be a subscriber to read it on the web.
rb
Why the dollar keeps levitating Requires subscription
FT.com site, Dec 12, 2002
By John Plender
As Tim Congdon of Lombard Street Research points out, despite that
$2,500bn of cumulative deficits, the US still enjoyed...
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