How can the notion of competitiveness be reasonably applied to an
economy? What relation does high or low competitiveness have to the
current account? Do huge and persistent imbalances really reflect
competitive positions of local firms or are they merely due to a
misalignment of exchange rates or even outright protectionism, as
the US-Japan trade conflict suggests?All these questions are
rigorously addressed in International Competitiveness and the
Balance of Payments. In examining the determinants of current
account balances the conventional competitiveness approach - in
which deficits are assumed to indicate low competitiveness - is
contrasted with an intertemporal view of the balance of payments.
By emphasizing locational quality as the decisive factor in
international competitiveness, the authors are able to offer
fundamentally different conclusions about the determinants of
current account debates. As well as theoretical evidence advocating
the intertemporal view, the authors present four case studies in
support of this approach: Germany before and after unification,
Spain before joining the EMS, the United States since the early
1980s, and Japan's persistent current account surpluses.
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