本篇代寫essay-全球儲蓄過剩講了一國經常賬戶作爲國際收支的重要組成部分，不僅反映了國際貿易格局，而且反映了國民儲蓄和投資狀況。當國家出現盈餘或赤字時，通常不被認爲是負面的，儘管有關貿易和金融摩擦的事實很清楚(Yu, 2007)。擁有盈餘的國家可以利用專門商品生產進行國際貿易，並利用它們從貿易中獲得的相對優勢，從而獲益。本篇代寫essay文章由美國第一論文 Assignment First輔導網整理，供大家參考閱讀。
Current account of a country as an important part of the balance of payment reflects not only the pattern of international trade, but also national savings and investments. When countries run surpluses or deficits, it is often not considered negative, though clear facts concerning trade and financial friction (Yu, 2007). Countries with surpluses can benefit by conducting international trade using specialized goods production and by using the comparative advantages that they obtain from trade. In the intertemporal view of current account balances, it is often efficient to trade across time in the long run. For instance, in 1990s, the emerging Asia and post war period in Germany, resulted in to deficit FDI. Under the condition that current income of a country is less than the permanent income or borrowing from foreigners. This indicates the lower cost on capital, with the consideration of consumption and saving decision, the current account imbalance would be beneficial (Obstfeld & Rogoff, 1995). For instance, trading wine and machines between two countries make the maximum utility often but not necessarily on same time, while we calculate the trade balance during a year. For countries with deficits, consumption smoothing, like buying wine in advance and trading machine later, may be advisable when a country is trapped in a state of shock, provided that this deficit is not persistent. If capital flows freely in a complete market, with the premise of taking an intertemporal approach toward current account, imbalances should expand for good reason, driving the economy growth. For instance, USA current account deficit extension from 1998 to 2001 owing to its private investment reflected its economy attractiveness (Bernanke, 2007). From the perspective of the savings and investments, when looking at the current account imbalances, there may be a good motive to extend current account imbalances. Assuming that a country has a rapidly aging workforce, their problems may be alleviated by raising the current account surplus through additional national savings. For countries with better investment environments that attract more foreign savings, a deficit may be a positive feature, as mature financial markets are attractive to foreign investors. This could be a good reason to increase imbalances because these imbalances are associated with optimal assets allocation, which increases international capital flow. In other words, the excess savings can flow into areas where investment is most desirable and where there is a low risk for returns on capital. This in turn means that these assets are portable in deeper financial markets (Blanchard & Milesi-Ferretti, 2009). However, taking a look back, soaring imbalances largely imply that domestic and systems risk exists, which leads to inefficient outcomes. For instance, Dutch disease caused domestic distortion because of the adverse impacts caused by the rapid success experienced in some sectors (Corden, 1984). Concerning systemic risk, there is a failure to make adjustments in the financial market because of investor positive demand shock (Blanchard & Milesi-Ferretti, 2009). Regarding mid-term economic development, Blanchard & Milesi-Ferretti (2009) illustrated three stages in the evolution of the imbalances. These stages existed from 1996 to 2008 and actually led to the crisis. These stages include the different factors behind the resulting imbalance.
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