Part of the reason is that capital inflows have gone mainly to finance its persistent current-account deficit.

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Its businesses are internationalising faster, and its persistent current-account deficit and bad infrastructure mean it badly needs foreign investment.

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The puzzle is compounded by the fact that the world ran a persistent current-account deficit for at least three decades until 2005.

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It does not help in understanding the dynamics of the current account over time, especially in countries that run persistent current-account deficits or surpluses.

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Much the same thing was happening in the U.S. While Robert Triffin was wailing about the supposedly inevitable and horribly destructive U.S. current account deficit, the U.S. was actually running a persistent current account surplus.

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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.

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But whatever the actual percentages, the weakness of smaller, and particularly newer firms, is one key reason for our current, persistent job shortfall.

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The charity said the current law, allowing "reasonable chastisement", indicated to abusive parents that persistent and harsh physical punishment was acceptable.

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