The speech, titled “The Global Saving Glut and the U.S. Current Account Deficit, ” offered a novel explanation for the rapid rise of the U.S. trade deficit in the early 21st century.
这次题为“全球储蓄过剩和美国经常项目赤字”的讲话，为21实际早期美国贸易赤字的迅速激增提供了一种全新的解释。
(Acquisitions by firms in Brazil and India are part of a more even two-way flow of capital with the rich world.) by contrast, America funds its current-account deficit by selling assets to foreigners.
(巴西和印度对富国公司的收购更多的是与富国之间的双向流动)，与此形成对比的是，美国需要对外出售资产以弥补其流动性的不足。
The glaring exception to all of this is India, which unlike the rest of Asia has a housing bubble, a borrowing binge and a current-account deficit.
在这一地区抢眼的是印度，与其他亚洲国家不同是印度有房屋泡沫，有疯狂借款，并且有经常账户赤字。
The economy relied increasingly on foreign borrowing. The current-account deficit widened to 14.6% of GDP in 2008.
希经济越来越依赖于对外借贷，其经常帐户赤字于2008年扩大到GDP的14.6%。
In 2006 the budget deficit was over 9% of national income; the current-account deficit was 6%.
在2006年，预算赤字超过了国家收入的9%；经常账户赤字达到6%。
A country's global current account deficit depends on the excess of its gross domestic investment over gross domestic savings.
一个国家的全球经常项目赤字，取决于其国内投资总额超过国内存款总额的多少。
The current account deficits of Greece and Portugal exceed 10% of GDP, while the US deficit, despite being gigantic in absolute terms, amounts to "only" 5% of GDP.
希腊与葡萄牙经常账赤字超过了GDP的10%，尽管美国赤字在绝对项上数字庞大，但“仅”占GDP的5%。
Add in the probability of sharply slower domestic demand in America, and the current-account deficit could shrink a fair bit over the coming months.
如果加上突然变缓的美国国内需求的可能性，经常账户赤字在今后几个月内会下降一定幅度。
Vietnam is one of the few Asian countries with both a fiscal budget deficit and a current-account deficit, and inflation, while much lower than in 2008, has started to tick up again.
越南是亚洲仅有的几个财政预算和经常项目双赤字的国家之一，通货膨胀尽管大大低于2008年的水平，但已开始再度抬头。
Whether a current account deficit is unsustainable depends on the type of and the reason for capital inflows.
经常账户赤字能不能持续下去取决于资本流入的类型和原因。
That contrasted with America, where a spending boom and falling savings drove the current-account deficit as high as 6% of GDP in 2006.
要知道在2006年，美国国内消费热潮和不断下跌的储蓄率促使其经常项目逆差高达gdp的6%。
A sharp devaluation of the Belarusian rouble in May and a large current-account deficit have left the economy tottering.
五月份白俄罗斯卢布的猛烈贬值以及大额的经常项目赤字，使得该国经济摇摇欲坠。
Part of the reason is that capital inflows have gone mainly to finance its persistent current-account deficit.
部分原因是因为资本流入主要用于填平其持续的经常项目逆差。
The reason for concern about India's widening current-account deficit is not that it heralds a financial crisis, but that it is a signal of how supply cannot keep pace with red-hot demand.
印度不断增长的经常帐户赤字让人担心，原因不在于它是金融危机的前兆，而在于它表明了面对呈白热化增长的需求，供给已难以为继。
Between 1880 and 1914, Britain ran an average current-account surplus of 5% of GDP. In contrast, America today has a deficit of 7% of GDP.
1880至1914年期间，英国的平均经常项目盈余占其GDP比重的5%，相对比，如今美国的经常项目赤字占其GDP比重的7%。
That is the equivalent of around half the current-account deficit.
这个数字等同于美国经常账户赤字的一半。
Last year’s slump in oil prices from an average of nearly $100 abarrel in 2008 to just over $50 pushed Angola’s current account andbudget into deficit for the first time since the war.
去年石油价格暴跌，从2008年平均每桶100美元降至每桶仅50美元。这使得自战后以来，安哥拉的经常账户及预算首次出现赤字。
Back in 2005 and 2006, Mr Roubini sounded warnings about the property bubble and the dangers of the American current-account deficit.
早在2005、2006年，鲁比尼就对房地产泡沫和美国活期储蓄赤字风险发出警告。
Indeed, the current-account deficit has carried on climbing these past few years, even though the greenback has been weakening for most of the time.
实际上，经常帐户赤字这些年来一直在攀升，即使是美元大部分时间一直都在变弱。
It was far too reliant on spending from increasingly indebted American consumers: witness the country's gaping current-account deficit, which reached almost 6% of GDP in 2006.
它过度依赖负债逐渐增长的美国消费者的支出：亲眼目睹了美国不断加剧增长的活期存款赤字，曾一度在2006年达到GDP的6%。
The big point is that if there is to be deleveraging of the private sector and a huge reduction in the fiscal deficit, then the current account deficit must pretty well disappear.
关键在于，如果美国想降低私人部门的负债比率，并大幅削减财政赤字，经常账户赤字就必须近乎消失。
The big point is that if there is to be deleveraging of the private sector and a huge reduction in the fiscal deficit, then the current account deficit must pretty well disappear.
关键在于，如果美国想降低私人部门的负债比率，并大幅削减财政赤字，经常账户赤字就必须近乎消失。
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