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International Monetary Fund

anticipation for this year’s speaker. On my left is Leo Van Houtven, who is the President of the Foundation. I am Andrew Crockett and I chair the Board of Directors of the Foundation. Our guest this afternoon really needs no introduction. Before his current career in the media—[Laughter]—he served for nearly two decades as Chairman of the Federal Reserve Board. And as many of you will know, before that he chaired President Ford’s Council of Economic Advisors. He has also served on a number of very important commissions in the public sector and had a distinguished career

International Monetary Fund


This paper focuses on the developing countries, which accounted for nearly half the value of those surpluses, were apparently unable to find sufficiently profitable investments at home that overcame market and political risk. The United States a decade ago likely could not have run up today’s near $800 billion annual deficit for the simple reason that we could not have attracted the foreign savings to finance it. In 1995, for example, total cross-border saving was less than $300 billion. The long-term updrift in this broader swath of unconsolidated deficits and mostly offsetting surpluses of economic entities has been persistent but gradual for decades, probably generations. However, the component of that broad set that captures only the net foreign financing of the imbalances of the individual US economic entities, our current account deficit, increased from negligible in the early 1990s to 6.2 percent of our GDP by 2006.

International Monetary Fund

. Navigating the New Normal in Industrial Countries MOHAMED A. EL-ERIAN introduction It is a great pleasure for me to appear in front of you today to deliver the 2010 Per Jacobsson Foundation Lecture. At the outset, please allow me to express my deep appreciation to the Board of Directors of the Foundation. Thank you very much for this great honor, for allowing me to reconnect with friends and acquaintances here in Washington, D.C., and for deepening a personal tradition that started for me in 1982 when I attended my first Per Jacobsson Lecture. As someone