3  Dooley M., Folkerts-Landau D., Garber P. (2003) “An Essay on the Revived Bretton Woods System“, NBER Working Paper 9971; Dooley M., Folkerts-Landau D., Garber P. (2004) “The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates and Exchange Rates in Center Countries”, NBER Working Paper 10332; Dooley M., Folkerts-Landau D., Garber P. (2004) “Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery“, NBER Working Paper 10626; Dooley M., Folkerts-Landau D., Garber P. (2004) “The US Current Account Deficit and Economic Development: Collateral for a Total Return Equity Swap“, NBER Working Paper 10727; Dooley M., Folkerts-Landau D., Garber P. (2005) “Savings Glut and Interest Rates: the Missing Link to Europe“, NBER Working Paper 11520. 4  Bernanke B. (2005) “The Global Saving Glut and the U.S. Current Account Deficit”, Remarks by Governor Ben S. Bernanke At the Homer Jones Lecture, St. Louis, Missouri Updates speech given on March 10, 2005, at the Sandridge Lecture, Virginia Association of Economists, Richmond, Virginia.
10.  recently Ricardo Caballero 13 presented his theory that (financial) asset shortages are at the heart of the global imbalances problem, and his idea was also put forward by Raghuram Rajan 14 speaking recently on (real, fixed) asset shortages. Asset shortages hypothesis  5  Rajan R. (2006) “Perspectives on Global Imbalances”, Remarks by Economic Counsellor and Director of IMF Research Department at the Global Financial Imbalances Conference London, United Kingdom, 23 January 2006; and Rato R. (2006) “Shared Responsibilities: Solving the Problem of Global Imbalances”, Speech of the International Monetary Fund Managing Director at the University of California at Berkeley, 3 February 2006. 6  Greenspan A., Kennedy J. (2005) “Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-FourFamily Residences.” Federal Reserve Board, Finance and Economics Discussion Series Paper 2005-41; Lansing K. (2005) “Spendthrift Nation”, FRBSF Economic Letter, November 2005. 7  Greenspan A. (2005) “Current Account” presentation at Advancing Enterprise 2005 Conference (London, United Kingdom), 4 February 2005; OECD (2004) “Economic outlook”, June 2004; Faruqee H., Laxton D., Muir D., Pesenti P. (2005) “Current Accounts and Global Rebalancing in a Multi-Country Simulation Model”, presented at the NBER conference, “G-7 Current Account Imbalances: Sustainability and Adjustment”, 1–2 June 2005; Chinn M. (2005) “Getting Serious about Twin Deficits”, working paper, The Bernard and Irene Schwartz Series on the Future of American Competitiveness, CSR No. 10, September 2005.