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THE DOLLAR AND THE WORLD ECONOMY page
THE PRESENT DISEQUILIBRIUM BETWEEN
HOW LONG CAN IT GO ON? page
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adjustment assets assumed assumptions average baseline billion capital inflows central banks chapter coefficient cooperative scenario crisis current account deficit current balance cyclical D&D model debt-GNP ratio deutsche mark developing countries developing-country disequilibrium dollar dollar-denominated dollar's decline domestic demand domestic savings effects elasticities estimates Europe European Monetary System exchange markets expansionary exports factors figure financial markets fiscal policy foreign exchange markets foreign savings Fred Bergsten Germany governments growth rate hard-landing scenario higher impact important income increase inflation intervention investment demand investment-savings balance Japan lower macroeconomic major monetary policy NAIRU negative nonoil OECD area OECD countries percent of GNP percentage change percentage points political position pressure price level private savings rates of return real interest rates real wage recovery reduced relative rest rise ROECD ROECD GNP sector shift simulation of D&D strong structural budget deficit unemployment United Kingdom wellbeing world economy