surplus

But it said the run of record trade surpluses "points to the possibility that export growth may not slow as much as generally expected" .

FOR more than a decade, Australia had enjoyed one of the biggest booms in its history, and a robust series of budget surpluses.

Given such a steep build-up in reserves, it is not surprising that China's current account has also been recording large surpluses.

Russia has run current-account surpluses for many years, yet it has also been badly hit by an outflow of capital and a credit freeze.

But again, there seems to be no rationale to confront this by capping surpluses at a certain percentage of GDP.

What is not so clear, however, is how much difference any undervaluation has made to China's surpluses.

But it's not at all what happened in Ireland and Spain, both of which had low debt and budget surpluses on the eve of the crisis.

Martin addresses the question of how China should respond to China's exploding surpluses, but not how the rest of the world should respond.

As a consequence, it had to run large trade surpluses to absorb the resulting excess capacity in manufacturing.

Surpluses of this magnitude have usually been recorded only by smaller nations growing out of a crisis, or by significant oil exporters.

Both went into the downturn less burdened by private-sector debt and with hefty current-account surpluses (see left-hand chart).

Most of these economies are built around export models, so higher growth means big surpluses of foreign exchange added to the money supply.

Amid rapid growth, really silly policy choices could be tolerated, since surpluses continued to rise.

German firms have been running cash surpluses since 2004, when profits began to rise as a share of national income as real wages stagnated.

Similarly Germany has been shocked by the speed with which the recession has hit countries with surpluses as well as those with deficits.

"Once the German surpluses are gone, the country would fall into a severe recession, " says prominent Greek economist Yanis Varoufakis.

But this, too, is the result of a fiscal offset to a surge in private sector savings surpluses.

Even-handed economists consider such trade surpluses just as disruptive to global harmony as the corresponding deficits.

But surpluses are likely to swell again as the exceptional mix of a global slowdown and China's stockpiling of commodities comes to an end.

Such a low share left rising investment and trade surpluses as the main engines of Chinese growth.

An alternative solution might be to help the world absorb larger export surpluses from the eurozone, the US, Japan and the UK.

Japan and Germany -- two countries with perennial current account surpluses -- illustrate the point.

This should be relatively easy for most of them as they possess large U. S. dollar reserves given their large trade surpluses with the U. S.

What has been the experience of economies that decided to transition out of large and sustained current account surpluses?

Now, governments with large surpluses set up funds to ensure that this wealth is invested profitably and professionally.

The evidence suggests that the foreign surpluses are structural or at least highly persistent.

and we are not likely to see a western investment boom sufficient to offset Asian surpluses when the economic mood is so pessimistic.

If the fiscal deficit is to be sharply reduced, the surpluses in the rest of the economy must also fall.

First , it should go without saying that the world balance of payments or patterns of savings surpluses and deficits must add up to zero .

China's trade surpluses are just as much a product of the country's low wages and high savings.

Current account surpluses, capital inflows and concerns over export competitiveness complicate monetary policymaking across the region.

The US and a few other advanced countries can no longer absorb the world's surpluses of savings and goods.

Management fees that used to cover the cost of running an office for some larger funds now generate substantial surpluses.

Mr Moore pointed out that there were still "massive" supply surpluses and "huge inventory mountains" to be eroded.

The latter, to be sure, are not about to drain their savings and turn their current account surpluses into deficits.

Not to be forgotten are persistent and massive deficits and surpluses in the global balance of payments and associated capital flows.

The net stimulus to demand imparted to the rest of the world depends on a decline in their trade surpluses or rise in their deficits.

If oil-exporting countries continue to park their surpluses with the US it could postpone even further the long-predicted dollar crisis.

China's big surpluses and America's big deficits depend on the real exchange rate between them and all of their trading partners.

In the second half of this year, China may once again run up big surpluses that are, in the long run, unsustainable.

but the west desperately needs such heroism if it is to generate the surpluses to pay down debt and provide work.

Of these countries, only Germany and Japan have current account surpluses. The rest are capital importers.

"From next year, we'll be moving on to primary surpluses, " he said.

If it and other surplus countries wish to run huge surpluses and accumulate vast financial claims, they should expect defaults.

Still, strong trade surpluses are setting the stage for China to let the yuan rise slightly faster.

But it was also because Germany was recycling the surpluses produced by its export machine, financing their consumption.

One of the results will be that the combined export surpluses of Japan, China, and Germany will shrink dramatically.

With foreigners, households and the corporate sector running surpluses, the government ended up in huge deficit (see chart).

We are beginning to realise that the era of food surpluses has come to an end.

And Japan is different from America and Britain: it runs current-account surpluses and thus has not been dependent on foreign capital.

The forum suggested that the United Nations should be charged with preventing large trade surpluses and deficits from building up.

A third trend that may further slow the flow of dollars into China is the reduction of its huge trade surpluses.

To work, it requires that countries with huge trade surpluses reduce the export-led growth that fed the system's instabilities.

Develop new product quickly, enhanced market competition ability, initiated new phase for make up the deficits and get surpluses.

Many economists say China's currency policy has contributed to its large trade surpluses by keeping the yuan undervalued.

This does not mean that Germany's vast surpluses have no global macroeconomic impact.

In the UK at least, the fiscal deficits are mirror images of private sector surpluses.

Asia was a source of much of the supply: creditor nations ran enormous surpluses to meet these western excesses.

Currently the LAD generates surpluses from winning cases and this works to the advantage of the public generally.

Since current account deficits are the obverse of capital account surpluses, their current account deficits will automatically contract too.

That in turn spells diminishing surpluses that have led to friction with trading partners led by the US.

But periphery countries without large export surpluses are not in a position to employ countercyclical policies.

Given these debt overhangs, surpluses of household sectors are also likely to be sustained.

Unable to abandon price supports for political reasons, they resort to export restitutions to dispose of their surpluses abroad.

Meanwhile, America was running trade surpluses and was a net creditor nation.

The anxieties that prompt emerging markets to run big current-account surpluses have not been assuaged.

She says much the same about Germany's trade surpluses with its eurozone partners: the deficit countries should be more German.

Companies and living organisms share the objective of generating surpluses, either of money or calorific energy.

The number, just a fraction of January's $39. 11 billion, reverses a string of record surpluses in recent months.

Were the US to start running trade surpluses with China, then China certainly would be an outright seller of treasuries or US$ reserves.

Washington pressed its case that countries with big external surpluses, primarily China, need to let their currencies rise.

Supporters reply that China's huge trade surpluses -- a reflection of its large savings -- clearly had real effects on the global economy.

At least until 2001, surpluses on the current account and FDI were offset by other capital outflows.

The countries running current account surpluses, as one would expect, tend to be major commodities exporters.

It would be Russia's first budget deficit in a decade marked by surpluses.

At any moment, you can modify the goods quantities consumed to encode the surpluses or not enough consumed goods.

The number of external bank transactions is minimized by the Group's internal netting of cash requirements and surpluses.

The greatest benefit would be that Asia's surpluses will be recycled into productive assets in Asia.

This enabled the distribution of perishable surpluses, as well as the reinforcement of social bonds.

Germany's budget is now virtually in balance. Spain, Ireland and Finland are all running surpluses.

The first is that global payments are significantly out of balance, with a huge US current account deficit offset by surpluses elsewhere.

But McKinsey says that on the same assumptions, countries with surpluses will generate capital outflows of $2, 100bn a year by 2012.

But as exports to the US and elsewhere decline and current account surpluses shrink, liquidity conditions are likely to tighten in Asia.

He suggested a numerical target: trade surpluses should not exceed 4 percent of a nation's gross domestic product.

Instead, with surpluses in its budget and current-account, China should prop up growth by further stimulating domestic demand.

Until East and West even out the surpluses and deficits in their economies, sovereign-wealth funds will not go away.

Mr Howard's government had been running budget surpluses of 1-1? % of GDP for a decade and had all but abolished the national debt.

The list of the indicators being discussed includes countries' trade deficits or surpluses, budget deficits and levels of debt.

If today's rich ant nests do not change their behaviour, potential surpluses will be huge.

Hence, the rest of the world will suffer massive reductions of trade surpluses, regardless of their policies.

But he warned that surpluses in production and refining capacity will keep prices "in a relatively narrow band" next year.

Non-financial corporates have been running financial surpluses (an excess of retained earnings over investment) for a long time.

To protect themselves in future, they started to run current-account surpluses and to amass foreign-exchange reserves.

In an accounting sense, these eye-popping deficits are simply the counterpart of private surpluses.

But no one in India wants to fall into China's trap of giant surpluses that are recycled as loans to weak Western governments.

China's large current-account surpluses and the continued growth in its foreign-exchange reserves are evidence supporting this view.

Asian governments could still issue these bonds incrementally as they accumulate new surpluses.

It's roughly equal to the sum of the next ten largest surpluses combined.

And China, lest anyone forget, is still running huge current account surpluses.

The contribution from net exports will have been negative, as suggested by narrowing trade surpluses.

In the speech that Republicans said infuriated them, Ms. Pelosi accused Mr. Bush of squandering the budget surpluses of the Clinton years.

International farm trade has nevertheless managed satisfactorily for decades to redistribute surpluses of staple foods.

The risk is that their response would be to try to manage their exchange rates to generate large trade surpluses and build up reserves.

Fiscal positions seemed under control everywhere: Ireland and Spain even ran substantial (albeit illusory) fiscal surpluses.

China must know that if it insists on running chronic and enormous trade surpluses, the value of its dollar holdings must fall.

In particular, the non-fiscal sectors of the three big surplus countries are expected to continue to run huge surpluses.

A quick glance at the chart corrects another common misperception: that emerging markets mostly run current account surpluses.

The countries with large current account surpluses and deficits all have problems that need to be addressed by policy.

To pay down debt, it must generate financial surpluses that need to be sustained over several years.

To mitigate these risks policymakers need to do more to prop up demand, especially in countries that have external surpluses.

American agricultural production kept up with the urban demand and still had surpluses for sale to the industrial centers of Europe.

Thus, in aggregate, emerging countries are recycling current account surpluses, plus the net private capital inflow, into reserves.

China is amassing huge dollar surpluses and can only invest those trillions of dollars in a deep and liquid market such as U. S. Treasuries.

Those that have prudently built surpluses in the good years are in a much stronger position than Britain.

In short, China wants consumption to balance investment, so it does not continue to rack up huge trade surpluses.

Likewise, when global trade picks up again, Asian reserves will resume building up, reflecting those countries' ample trade surpluses.

Trade surpluses and deficits derive from mispriced currencies arising from government manipulation.

When the economy recovers, the monetary effects should be withdrawn, via budget surpluses obtained via long-term control over spending.

That means either businesses or households have to take the hit, either on their own or helped by current account surpluses.

A central role has been played by the emergence of gigantic savings surpluses around the world.

But it cannot fully account for the vast and enduring current-account surpluses that Germany piled up year after year.

The result of Germans' prowess at exporting, combined with their reluctance to spend and invest, has been huge trade surpluses.

Thus the German and Dutch surpluses were offset by deficits elsewhere.

The result is paradoxical: international creditors are nervous about a country that runs large budget and current account surpluses.

Purchasing excess amounts of dollars is a policy, in other words, aimed at generating trade surpluses and higher domestic employment.

That requires a reduction in the current account surpluses of surplus countries (or, much less probably, increases in deficits elsewhere).

Until now Mr Greenspan had been " gung ho " for using the budget surpluses to reduce the federal debt, so why the change of heart?

In the wake of the Asian crisis more than a decade ago, governments in the region have run surpluses and built up large reserves.

This time, most emerging economies have been running huge current account surpluses.

The starting point must be with the pattern of current account deficits and surpluses.

Germany wants both to minimise the financing and continue to run huge external surpluses.

But the surpluses being run by China and Japan, by oil exporters and, within the European Union, by Germany continue to grow.

Other emerging markets are likewise seeking to expand further their war chests of foreign exchange by running large external surpluses.

Consider the trade " deficits " and "surpluses" of a dentist who likes to snow ski.

What is the least perilous asset for the investment of gigantic private financial surpluses?

More important will be strong action to reduce external imbalances, particularly by large countries with huge current account surpluses.

These village surpluses the labor force escapes from traditional management data-land through various form and path, seeking exit.

Realized make up deficits and increase surpluses, promoted target of profit of produce and sale relatively grow substantially.

When Clinton left office we were running surpluses and paying down the debt.

Even better, you'll probably be seeing some surpluses at the end of the month beyond your budget.

Note Beijing's surprising receptiveness to Washington's idea of imposing numerical targets on trade surpluses.

Firstly, the economics. In its statement, the People's Bank of China noted -- correctly -- that its external surpluses have been falling.

Debt sustainability depends on primary surpluses, the growth rate, and the interest paid to service the debt.

The world needs the big surplus countries to sustain a higher rate of growth in demand than in potential output, to reduce their surpluses.

Huge oil price rises and continued growing trade surpluses in Asia meant SWFs and central banks accounted for most of the growth.

Imbalances cannot be sustained for ever, whether they are deficits or surpluses.

Yet defenders of China note that the trade and current account surpluses have declined sharply, while domestic demand has soared.

The key thing is the Chinese are the ones with the giant pile of American paper, big current account surpluses and money looking to invest.

Emerging markets, particularly China, run big current account surpluses with the west, particularly the US.

She racks up huge trade surpluses within the eurozone while others have comparable deficits.

Ronald McKinnon: Martin accurately covers enormous ground on China's exploding current account and trade surpluses.

It is widely believed the currency would appreciate due to persistent trade surpluses and China's abundant foreign reserves.

Or companies overinvest in factories and office buildings; investment spending collapses when the surpluses become obvious.

A multi-speed recovery could also affect imbalances between countries' current-account surpluses and deficits.

One might argue that Spain, France and Italy merely offset Germany's surpluses within the eurozone.

Additional allocations of Special Drawing Rights would enable countries to build reserves without running trade surpluses.

It is widely believed that the currency would appreciate owing to persistent trade surpluses and China's abundant foreign reserves.

The pattern of developed-country deficits and emerging-market surpluses is likely to continue.

Only then will other countries stop relying on rising trade surpluses and become serious about generating domestic demand.

That has created the balance of payments surpluses fueling dollar-dripping sovereign wealth funds in countries like China.

Since the world cannot run surpluses with Mars, other countries must run deficits.

In short, China has remained heavily dependent on investment and growing trade surpluses to sustain its double-digit growth rate.

Add to the list China and Singapore; they may not be big oil exporters, but they still have huge surpluses.

But their surpluses depend on the willingness and ability of others to run deficits.

Countries with surpluses must encourage private spending at home more vigorously.

Total of external trade policy guidance this year is "steady, expanding imports, reduction of surpluses for export" .

Asian countries, other than Japan, accumulated the surpluses largely by supplying cheap goods and services to the US.

Consequently, with more exportable surpluses of dairy products, Argentina and Brazil become more important exporters in the world markets.

That's great; just move those surpluses into a savings account so they can earn some interest, and then move them back out if you need them.

If they work as planned, Mr Rodrik's industrial policies would remove one motivation for the emerging world's trade surpluses.

Germany, in particular, fears being lumped together with China because both have current-account surpluses.

They ploughed those surpluses into America's bond market, holding down interest rates and inflating the housing bubble.

Thanks to this new version of competitive currency manipulation, the dollar-peggers racked up gargantuan trade surpluses.

Corporate profits are surging as well as trade surpluses and government budgets.

Government policies that encourage exports and trade surpluses have pushed China's foreign-currency reserves to more than $3 trillion.

Cash management determines cash requirements and surpluses on a worldwide basis.

The rising economic powers have financial surpluses, economic growth, and high stakes in global stability.

But China, Germany and Japan are large importers of oil and their big trade surpluses could grow as commodity prices decline.

Another substantial portion of the debt consists of surpluses in the social security account.

Economists have been branding China's surpluses as unsustainable for years.

I suspect it will rebound sooner and more strongly than high savers with big current account surpluses across the Channel.

But countries that are developed or growing quickly often have unnecessary surpluses.

Key enterprises have made great progress in making up deficits and getting surpluses.

Actual surpluses could come down if the US economy slows, but the structural drivers of high global savings remain intact.

Of course, countries like Japan, Germany and China still run large trade surpluses, which means they are producing more than they buy.

U. S. Treasury Secretary Timothy Geithner has been pressing member nations to adopt targets to lower trade surpluses and trade deficits.

The problem could be resolved by a eurozone move into external surpluses.

Nothing is less likely, given the massive financial surpluses of the private sectors of the world and the continuing role of the dollar.

Here China must choose between large current account surpluses and lower reserve accumulation.

Countries with large external surpluses import demand from the rest of the world.

The resulting underinvestment is reflected in large current account surpluses.

C, is screen frame pressure in color film in exposure, exposure with water after surpluses of mutan scourability out to dry.

Moreover, the country's trade surpluses and inflow of foreign capital are both likely to remain very large.

Another round of huge increases in excess capacity and current account surpluses seems inevitable.

When the trade balance for the auto industry is adjusted for, Japan's days of trade surpluses could be over.

Instead, many of Europe's weaker economies failed to reform and Germany accumulated gratifyingly large current-account surpluses.

They have recycled their countries' current account surpluses into dollar securities, holding yields down.

Then, when the crisis broke, the surpluses of the surplus countries shrank as external demand collapsed.

Despite being the world's second largest economic area, the eurozone makes next to no contribution to offsetting surpluses elsewhere.

To Germany's international critics, the economy's biggest weakness is its reliance on trade surpluses for growth.

Meanwhile, Germany and the Netherlands generated huge current account surpluses.

These countries will duly run fiscal deficits that are bigger than their private surpluses.

The beggar-my-neighbour policy is for countries with huge external surpluses to allow a collapse in domestic demand.

The first is the inability to gain a purchase on the policies of countries that run huge and persistent current account surpluses.

In his letter to G20 leaders Mr Obama criticised the "heavy reliance on exports by some countries with already large external surpluses" .

When the surpluses still overflowed, Mr Gore said they should be used to cut national debt.

Declining surpluses in many oil-exporting countries will help to rebalance global demand.

countries with external surpluses and untapped debt capacity should maintain or increase it.

In sum, savings surpluses are a policy variable, not a given.

If a substantial part of the world economy is generating huge current account surpluses, somebody else has to run offsetting deficits.

The borrowers of last resort who offset the Asian surpluses and sustained the world economy were the US consumer and home buyer.

Managing soaring trade surpluses is the region's biggest macro-economic challenge, the report said.

Most of the region is blessed with current account surpluses and healthy economic growth.

The list is likely to include measures for current-account surpluses or deficits.

Singapore and Thailand have especially high current-account surpluses.

Despite the recent dollar decline, America's trading partners still have large trade surpluses.

A country as large as China cannot hope to rely on such large current account surpluses as a source of demand.

The north, exemplified by Germany, relies on exports to power its growth, saves hard and runs trade surpluses.

The large trade surpluses cause China to "lend" to us and other countries, regardless of whether we want the "loans. "

The payoff for such budget cutting was a string of budget surpluses.

Overall, however, the eurozone had almost no private sector and current account surpluses.

Officials argue that the big surpluses are being brought under control.

The disquiet has been heightened by the enormous trade surpluses China has racked up each year since it joined.

Bill Clinton worked with Newt Gingrich and Republicans to balance the budget and create surpluses.

The trade surpluses will be significantly curtailed and the trade deficit is likely to increase.

In Europe that should be countries such as Germany and the Netherlands that were running vast current-account surpluses during the boom.

But they emphasise the fragility of recovery and, in particular, the huge private sector financial surpluses.

When the new capacity comes on stream and domestic demand starts to slow , the external surpluses might explode upwards .

Despite the most aggressive monetary policy ever, private sectors moved into huge surpluses.

In recent years China has generated more than $400bn in trade surpluses, so it has the capital to invest.

Many Asian emerging markets have been running current-account surpluses at the same time as they have been managing their exchange rates.

The nation's strong exports and weak consumption generate trade surpluses that are second only to China's in size.

The fiscal and current-account surpluses that underpinned the country's new-found stability are dwindling.

Surpluses and shortages are corrected by the pricing mechanism.

Western voters may find it intolerable that the likes of China still run big surpluses, thanks in part to those weak currencies.

That was a public capital outflow aimed at supporting its trade surpluses.

Meanwhile, the private surpluses of Germany and the Netherlands were offset by huge capital outflows.

What has been bad for Mexico has been good for Argentina, Brazil and Chile, which have enjoyed rising trade surpluses with China.

High oil revenues have brought double-digit budget surpluses to the Gulf oil producers and pushed Russia's surplus over 6% of GDP.

The surpluses of the US, UK and Irish private sectors are forecast at close to 10 per cent of GDP, which is even higher than in Germany.

They now have healthy currency reserves and fiscal surpluses that allow them to support their economies.

In the G-20 draft, nations with large current account surpluses, including China, Germany and Japan pledged to boost private consumption.

Saudi Arabia and Russia sensibly accumulate big surpluses whenever the oil price soars.

Most, with the exception of India, have small budget deficits; some even have surpluses.

Surpluses in emerging countries powered Western bubbles.

In addition, the Chinese government is keen to reinvest some of its dollar trade surpluses in acquiring enterprises in the developed world.

If the commodities boom continues, it will leave the oil-rich Middle East with bulging trade surpluses.

But they refuse to accept that their reliance on export surpluses must rebound upon themselves, once their customers go broke.

But most countries entered this downturn with small budget deficits or even surpluses.

Prof Ennew wants the foreign campuses simply to generate "sufficient surpluses" to support their future expansion.