Contents -- I. Introduction -- II. The Global Imbalances Debate -- III. Empirical Investigation -- A. Stylized Facts -- B. Empirical Specification, Data, and Estimators -- C. Estimation Results -- D. Robustness -- IV. Concluding Remarks -- References -- Tables -- 1. Current Account Estimations (1980-2007, Annual) -- 2. Current Account Estimations: Oil Exporters, GMM (1980-2007, Annual) -- 3. Current Account Estimations (1980-2007, 4-year average) -- Figures -- 1. Evolution of Current Account -- 2. Evolution of Oil Exporters' Current Account and Fiscal Balance: Twin Surpluses -- 3. Evolution of Fiscal Balance -- 4. NFA, Current Account, and Spending in Oil-Exporting Countries -- 5. Fiscal Balance, Revenues, and Spending in Oil-Exporting Countries -- Appendices -- I. Data Description and Sources -- II. GMM Estimators -- Appendix III Tables -- A1. Current Account Estimations: Total Sample (With Outliers, 1980-2007, Annual) -- A2. Current Account Estimations: Oil Exporters, Pooled OLS (1980-2007, Annual) -- A3. Current Account Estimations: Oil Exporters, FE (1980-2007, Annual).