It is pertinent to ask whether this stability is today threatened principally by the risk of a balance of payments crisis in the poor and emerging countries, or whether the main source of instability does not rather lie with the major developed economies and their imbalances, notably the twin deficits of the USA.
It is pertinent to ask whether this stability is today threatened principally by the risk of a balance of payments crisis in the poor and emerging countries, or whether the main source of instability does not rather lie with the major developed economies and their imbalances, notably the twin deficits of the USA.