Does the U.S. Serve as the World Economy's Engine of Growth?

[摘要] This report examines three fundamental points implicit in the "engine of growth" argument. First, it questions whether the current account deficit is caused by strong U.S. growth and weak foreign growth. Second, it examines whether foreign growth is dependent on U.S. imports and the maintenance of a large U.S. current account deficit. Finally, it reviews the proposition that a U.S. recession would cause a world recession by lowering U.S. import demand. The report concludes that to make the final argument persuasive, other factors need to come into play, such as deteriorating expectations, financial crisis, or slow economic adjustment. These other factors seem unlikely to occur in the context of slowing U.S. growth, but they are possible in a recession.

[发布日期] 2001-02-14 [发布机构] Library of Congress. Congressional Research Service.

[关键词] Economic policy;Foreign trade - U.S. - Economic aspects;Economic growth;Trade