Il "transfer gap" degli Stati Uniti

The present paper restates a previous hypothesis of the author’s regarding the payments deficit of the United States, according to which it could most appropriately be explained as a transfer problem. According to this view, the United States makes financial transfers to foreign countries - military expenditures, government loans, private loans, and direct investment - in amounts which for various reasons it is unable to match with real transfers, that is, with an excess of exports over imports of goods, and services. The author offers additional support for this hypothesis by means of statistical illustration, and points out why the official prescriptions for removing the payments imbalance is useless, or worse. JEL: F31, F32, F34