Instead, many of Europe's weaker economies failed to reform and Germany accumulated gratifyingly large current-account surpluses.
Countries such as Turkey and Hungary have large current-account deficits that would make fiscal expansions risky.
High commodity prices have given Brazil a large current-account surplus for the past few years.
On top of that, large current budget deficits are crowding out small business credit.
Notably, it had a large current-account deficit and a foreign-debt burden that was rising fast.
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That is in contrast with the US, with its large current account deficit and its borrowing from China.
Countries that need to finance large current-account deficits, notably Brazil and other Latin American economies, would suffer most.
Large current account and budget deficits suggest that the dollar has further to go on the downside, says Hesler.
So long as foreign investors favour American equities, then, its large current-account deficit will not drag down the dollar.
Most have abandoned their old exchange-rate pegs, are running large current-account surpluses, and have built up ample foreign-exchange reserves.
Emerging economies with large current-account deficits and high debt-service burdens are most vulnerable.
As we saw in the Great Depression, countries with large current account surpluses are especially vulnerable to deteriorating global conditions.
Turkey suffers from two other bugbears: inflation and a large current-account deficit.
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Like all of them it lost competitiveness in the good times, and like Portugal and Greece it ran persistent and large current-account deficits.
But is not a stronger yen and a weaker dollar just what is needed to reduce Japan's large current-account surplus and America's current-account deficit?
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Some countries (Malaysia, South Korea) have uncomfortably large current-account deficits.
Hence, a large current-account deficit that fuels consumption (as in Mexico in the early 1990s) or a property-price bubble (as in Thailand until last year) may be a problem.
But as Mark Williams of Capital Economics says, central to Keynes's idea was that a tax be imposed on countries running large current-account surpluses, to encourage them to boost domestic demand.
Like Asia, many Latin economies have large current-account deficits.
Other economists, however, argue that America can sustain its large current-account deficit for at least another decade, without a sharp fall in the dollar, because it will be happily financed by China and other Asian countries.
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In our view, returning to a more normal proportion of distressed sales will take several years, given the large number of borrowers with negative equity, the large current delinquency and foreclosure inventory, and the long current foreclosure timelines.
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Another sign of trouble is the current large gap between short-term and long-term interest rates.
Rare earths metals play a large role in current modern technology, cruise missiles and other weapons systems.
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However, aluminum is compatible with current large-volume manufacturing facilities and body shops that would be expensive to overhaul.
CDU's candidate for chancellor, comes from the region which explains why the east looms so large in the current campaign.
Large turnarounds in current account balances generally require a shift in competitiveness that re-allocates domestic and foreign spending towards locally-produced goods.
He says a large portion of current earth-bound cities will one day choose to live in LEO skyscrapers replete with incredible view condos.
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Brazil's case is that notwithstanding weaknesses such as large fiscal and current-account deficits, it is being unfairly punished because of Russia's debt default.
And of course, there will always be physical books, but probably not as many stores or stores quite as large as the current ones.
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