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This paper takes stock of the recent literature on current account and external financing and presents new analytical results and empirical research on the subject. Four key areas of related research are presented, namely global imbalances and macroeconomic adjustment; external adjustment in emerging economies, crises and current-account reversals; current account and exchange rate dynamics; and some policy issues concerning external financing. The paper suggests a significant number of open questions, which were addressed in the thirteen groundbreaking papers presented at the Central Bank of Chile's Annual Conference of 2006, which are summarized here.
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