22:
182:
income from dark matter seems to vary enormously from year to year, even though it stems from permanent characteristics of the U.S. economy like the export of know-how. Lastly, Mathew
Higgins, Thomas Klitgaard, and Cedric Tille agree with the assertion that U.S. foreign assets are currently undervalued. However, they argue that more important, U.S. foreign liabilities are
174:, and thus lower the real size of the deficit. Therefore, they argue, there is less reason to worry about the U.S. financial position than is usually assumed. In addition, this dark matter in the U.S. current account also has implications for the accounts of other countries, which have been inadvertently accruing
150:
in 2004 was still a positive 30 billion, which is not lower than it was in 1980, before the U.S. built up its current account deficit. Thus, the authors argue that the "real" cumulative current account between 1980 and 2004 had in fact been positive, and that somehow a large amount of (foreign)
181:
The idea of dark matter has not gone without criticism. First, Willem Buiter has argued that dark matter should result in a higher rate of return on U.S. external assets than on U.S. external liabilities. However, he claims, there is no convincing evidence that this is the case. Second, the U.S.
145:
to be 2.5 trillion in 2004. However, according to
Sturzenegger and his colleague Ricardo Hausmann, the U.S. current account deficit cannot in reality be as high as it is estimated to be: otherwise, the U.S. would be paying large amounts of interests on its debt. This does not seem to be the
186:
valued. Thus, The U.S. has fewer foreign liabilities than is currently assumed; this fact (rather than dark matter) explains the unexpectedly high net income. In a 2007 article, Hausmann and
Sturzenegger respond to some of these critiques, defending the existence and function of dark matter.
158:" is dark matter, resulting from the unaccounted export of ideas and other services (such as insurance or liquidity) from the U.S. to other economies. The two authors claim that the U.S. has significant exports, mainly of business
319:
Hausmann, Ricardo; Sturzenegger, Federico; Sibert, Anne; Tille, Cedric (2007). "The missing dark matter in the wealth of nations and its implications for global imbalances".
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205:
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Higgins, Matthew; Klitgaard, Thomas; Tille, CĂ©dric (January 2007). "Borrowing without Debt? Understanding the U.S. International
Investment Position".
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to refer to the 'invisible' assets that explain the difference between official estimates of the U.S.
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206:"Global Imbalances or Bad Accounting? The Missing Dark Matter in the Wealth of Nations"
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449:"The valuation of hidden assets in foreign transactions: why "dark matter" matters"
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228:"U.S. and Global Imbalances: Can Dark Matter Prevent a Big Bang?"
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266:
Hausmann, Ricardo; Sturzenegger, Federico (December 7, 2005).
15:
494:
226:
Hausmann, Ricardo; Sturzenegger, Frederico (November 2005).
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Hausmann, Ricardo; Sturzenegger, Federico (January 2007).
204:
Hausmann, Ricardo; Sturzenegger, Federico (January 2006).
268:"Op-Ed: 'Dark Matter' Makes the U.S. Deficit Disappear"
170:. These exports increase the real value of its foreign
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133:, and estimates based on the actual return on the
151:assets are being left out of the calculations.
510:
8:
363:Goldman Sachs Global Economics Paper No: 136
517:
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106:Learn how and when to remove this message
196:
154:The suggested source of this "missing
42:Please improve this article by adding
292:Mandel, Michael (December 28, 2005).
7:
594:Agent-based computational economics
166:, that do not show up in official
14:
1052:neoclassical–Keynesian synthesis
333:10.1111/j.1468-0327.2007.00182.x
20:
354:Buiter, Willem (January 2006).
1:
988:Critique of political economy
356:"Dark matter or cold fusion?"
44:secondary or tertiary sources
143:U.S. current account deficit
55:"Dark matter" economics
139:Bureau of Economic Analysis
135:U.S. net financial position
1631:
1126:Real business-cycle theory
377:"America's dark materials"
1566:
213:CID Working Paper No. 124
164:Foreign direct investment
137:. Specifically, the U.S.
243:10.1920/wp.cem.2005.1105
237:. Working Paper Series.
141:(BEA) estimated the net
1615:International economics
766:Industrial organization
589:Computational economics
178:by importing know-how.
971:Modern monetary theory
636:Experimental economics
606:Pluralism in economics
579:Mathematical economics
31:relies excessively on
123:Federico Sturzenegger
845:Social choice theory
601:Behavioral economics
584:Complexity economics
121:is a term coined by
929:American (National)
629:Economic statistics
453:Business Economics
404:Business Economics
300:on January 5, 2006
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1133:New institutional
383:. 19 January 2006
235:CID Working Paper
162:bundled with its
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806:Natural resource
641:Economic history
567:Mechanism design
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479:on 20 April 2014
475:. Archived from
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1077:Malthusianism
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776:Institutional
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381:The Economist
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294:"Dark Matter"
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57: –
56:
52:
51:Find sources:
45:
39:
38:
34:
29:This article
27:
23:
18:
17:
1590:Publications
1546:Publications
1513:
1109:Neoclassical
1099:Mercantilism
1008:Evolutionary
870:Sociological
843: /
741:Geographical
721:Evolutionary
696:Digitization
661:Agricultural
624:Econometrics
552:Price theory
481:. Retrieved
477:the original
459:(1): 28–34.
456:
452:
442:
410:(1): 17–27.
407:
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385:. Retrieved
380:
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302:. Retrieved
298:the original
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1153:Supply-side
1138:Physiocracy
1082:Marginalism
771:Information
711:Engineering
691:Development
686:Demographic
557:Game theory
534:Theoretical
425:10419/60589
252:10419/72009
176:liabilities
119:Dark matter
96:August 2024
1541:Economists
1414:Schumacher
1319:Schumpeter
1289:von Wieser
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1169:Economists
1068:Circuitism
1033:Humanistic
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1003:Ecological
993:Democratic
966:Chartalism
956:Behavioral
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880:Statistics
875:Solidarity
796:Managerial
761:Humanistic
756:Historical
701:Ecological
666:Behavioral
191:References
148:net income
66:newspapers
33:references
1459:Greenspan
1424:Samuelson
1404:Galbraith
1374:Tinbergen
1314:von Mises
1309:Heckscher
1269:Edgeworth
1148:Stockholm
1143:Socialist
1043:Keynesian
1023:Happiness
983:Classical
944:Mutualism
939:Anarchist
924:Heterodox
821:Personnel
781:Knowledge
746:Happiness
736:Financial
706:Education
681:Democracy
616:Empirical
526:Economics
473:154594156
434:189787920
387:1 October
341:154574772
304:1 October
277:1 October
1609:Category
1570:Category
1550:journals
1536:Glossary
1489:Stiglitz
1454:Rothbard
1434:Buchanan
1419:Friedman
1409:Koopmans
1399:Leontief
1379:Robinson
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1114:Lausanne
1018:Georgism
1013:Feminist
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951:Austrian
850:Regional
826:Planning
801:Monetary
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676:Cultural
671:Business
160:know-how
1585:Outline
1556:Schools
1548: (
1509:Piketty
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1369:Kuznets
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1334:Polanyi
1224:Cournot
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978:Chicago
908:history
903:Schools
890:Welfare
860:Service
651:Applied
80:scholar
1494:Thaler
1474:Ostrom
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485:2014
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