Current Account vs Net Exports
Indeed, their theory relates primarily household debt to net exports. This is the main focus of their working paper. However, as a referee, I would try to find out more and ask whether the change in net exports comes from imports or exports, or whether household indebtedness could also affect international transfers. A household may use debt to invest abroad and get dividends and interests in return. Are there no other margins that could be affected? This type of request is quite common from referees and may explain the differences between the working paper and the final version.