Asset price booms and current account deficits

Answer the following questions in less than 1,500 words.
Read the article Asset Price Booms and Current Account Deficits. Explain the basic premise of the article and describe the impact of the real estate and financial asset prices on the U.S. current account deficit.
The article Saving Imbalances and the Euro Area Sovereign Debt Crisis provides a detailed discussion about the role current account deficits played in the eurozone crisis. The article explains the linkages between domestic savings, investments, current account deficits, and foreign borrowing.
Briefly explain the evolution of savings, investment, current account deficit, and foreign borrowing linkage in the context of Portugal, Ireland, Greece, and Spain (PIGS).
The article indicates that between 2007 and 2010 each of the peripheral economies went through adjustments. Briefly discuss the adjustments and their implications on foreign borrowing.
How did these adjustments affect the competitiveness of PIGS? Are these adjustments sufficient to restore current account imbalances and achieve sustainable growth? Why?
For additional details, please refer to the Homework Rubric document in the Assignment Guidelines and Rubrics section of the course. Please also refer to the first week announcement for required paper length and formatting for this assignment.

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