If a family spends more than it earns, it can make up the difference by borrowing, at least for a while. The same goes for a country that sends more money outside its borders to pay for imports than it brings in from the sale of exports. That’s called running a current-account deficit, and the money borrowed usually comes from foreign investors. Running such a deficit for a long time can leave a country exposed to sudden shifts and swings in global capital flows. That vulnerability helps explain


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