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

Description

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 ... continued below

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Labonte, Marc & Makinen, Gail February 14, 2001.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 51 times . More information about this report can be viewed below.

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Description

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.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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Creation Date

  • February 14, 2001

Added to The UNT Digital Library

  • June 11, 2005, 5:47 a.m.

Description Last Updated

  • Feb. 9, 2017, 4 p.m.

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Labonte, Marc & Makinen, Gail. Does the U.S. Serve as the World Economy's Engine of Growth?, report, February 14, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metacrs1616/: accessed October 20, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.