4 Thus, the decline in home bias, or its equivalent, expanding globalization, has apparently enabled the United States to finance and, hence, incur so large a current account deficit. As a result of these capital inflows, the ratio of foreign net claims against U.S. residents to our annual GDP has risen to approximately one-fourth.
Claudia Buch: Welcoming remarks - Macroprudential Conference 2019 Welcoming remarks by Prof Claudia Buch, Vice-President of the Deutsche Bundesbank, at the Macroprudential Conference 2019, Eltville, 21 June 2019. * * * The Bundesbank is very proud to be hosting the Macroprudential Conference series for the first time, and I would like to take this opportunity to welcome you all here in Eltville.