Front Matter

Front Matter

International Monetary Fund
Published Date:
December 2004
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    The U.S. Current Account Deficit and the Global Economy

    Lawrence H. Summers

    Washington, DC • 2004

    ISSN 0252-3108

    Editor: Archana Kumar

    Production: IMF Multimedia Services Division

    Typesetting: Alicia Etchebarne-Bourdin


    On Sunday, October 3, 2004, a Per Jacobsson Foundation Lecture was presented by Lawrence H. Summers, President of Harvard University and former Secretary of the U.S. Treasury, in the Hall of the Americas of the Organization of American States in Washington. Mr. Summers spoke on “The U.S. Current Account Deficit and the Global Economy.”

    The lecture was delivered in conjunction with the Annual Meetings of the Boards of Governors of the International Monetary Fund and the World Bank, as is traditionally the case. Per Jacobsson Foundation events, which include not only lectures but also occasional symposia on topics in finance, economic policy, and international cooperation, are also sometimes held in the context of the Annual General Meeting of the Bank for International Settlements (BIS) in Switzerland. This was the case in Zurich in June 2004 when Professor C.A.E. Goodhart of the London School of Economics delivered a lecture on “Some New Directions for Financial Stability?”

    The Per Jacobsson Foundation was established in 1964 to commemorate the work of Per Jacobsson (1894–1963) as a statesman in international monetary affairs. Per Jacobsson was the third Managing Director of the IMF (1956–63) and had earlier served as the Economic Adviser of the BIS (1931–56). Per Jacobsson Foundation lectures and contributions to symposia are expressions of personal views and intended to be substantial contributions to the field in which Per Jacobsson worked. They are distributed free of charge by the Foundation. Further information about the Foundation may be obtained from the Secretary of the Foundation or may be found on the website,

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