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Global Imbalances and External Adjustment after the Crisis

2014-08-12 Business & Economics
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Release : 2014-08-12
Genre : Business & Economics
Kind : eBook
Book Rating : 61X/5 ( reviews)

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Book Synopsis Global Imbalances and External Adjustment after the Crisis by : Mr.Philip R. Lane

Download or read book Global Imbalances and External Adjustment after the Crisis written by Mr.Philip R. Lane. This book was released on 2014-08-12. Available in PDF, EPUB and Kindle. Book excerpt: This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances have strong predictive power for post-crisis macroeconomic outcomes, allowing for variation across different exchange rate regimes. We emphasize that the bulk of external adjustment has taken the form of “expenditure reduction”, with “expenditure switching” only playing a limited role.

External Adjustment and the Global Crisis

2011-08-01 Business & Economics
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Release : 2011-08-01
Genre : Business & Economics
Kind : eBook
Book Rating : 240/5 ( reviews)

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Book Synopsis External Adjustment and the Global Crisis by : Mr.Gian Milesi-Ferretti

Download or read book External Adjustment and the Global Crisis written by Mr.Gian Milesi-Ferretti. This book was released on 2011-08-01. Available in PDF, EPUB and Kindle. Book excerpt: After widening substantially in the period preceding the global financial crisis, current account imbalances across the world have contracted to a significant extent. This paper analyzes the factors underlying this process of external adjustment. It finds that countries whose pre-crisis current account balances were in excess of what could be explained by economic fundamentals have experienced the largest contractions in their external balance. External adjustment in deficit countries was achieved primarily through demand compression, rather than expenditure switching. Changes in other investment flows were the main channel of financial account adjustment, with official external assistance and ECB liquidity cushioning the exit of private capital flows for some countries.

External Adjustment

2004 Balance of trade
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Release : 2004
Genre : Balance of trade
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis External Adjustment by : Maurice Obstfeld

Download or read book External Adjustment written by Maurice Obstfeld. This book was released on 2004. Available in PDF, EPUB and Kindle. Book excerpt: "Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the current account balance increasingly inadequate as a summary of the change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits, should remain high on policymakers' list of concerns, even for the richer and less credit-constrained countries. Extreme imbalances signal the need for large and perhaps abrupt real exchange rate changes in the future, changes that might have undesired political and financial consequences given the incompleteness of domestic and international asset markets. Furthermore, of the two sources of the change in net foreign assets -- the current account and the capital gain on the net foreign asset position -- the former is better understood and more amenable to policy influence. Systematic government attempts to manipulate international asset values in order to change the net foreign asset position could have a destabilizing effect on market expectations"--NBER website

Global Imbalances and the Financial Crisis

2009 Business & Economics
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Release : 2009
Genre : Business & Economics
Kind : eBook
Book Rating : 280/5 ( reviews)

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Book Synopsis Global Imbalances and the Financial Crisis by : Steven Vincent Dunaway

Download or read book Global Imbalances and the Financial Crisis written by Steven Vincent Dunaway. This book was released on 2009. Available in PDF, EPUB and Kindle. Book excerpt: Crafting stimulus packages and financial bailouts to address immediate problems has for many reasons been a priority for policymakers. In this Council Special Report, however, Steven Dunaway argues that policymakers must go beyond these steps and tackle one of the root causes of today's crisis: imbalances between savings and investment in major countries. The report analyzes the nature of these imbalances, which occur when some countries, such as the United States, run large current account (essentially trade) deficits while others, such as China, maintain large surpluses. Dunaway identifies three features of the international financial system that have allowed the imbalances to persist, features that involve both floating and managed exchange rates as well as the issuance of reserve assets. In particular, he notes that the United States' status as an issuer of such assets has enabled it to finance a current account deficit. The report then prescribes a variety of steps to address global imbalances. Beyond stimulus packages around the world, it urges measures to raise savings (principally government savings) in the United States, reform labor and product markets in Europe and Japan to increase competition and flexibility, and boost domestic consumption in China. Finally, the report advocates improving International Monetary Fund (IMF) surveillance of member states' economic policies by reducing the role of the Fund's executive board and depoliticizing the selection of its senior management.

Global Imbalances and External Adjustment after the Crisis

2014-08-12 Business & Economics
Download Global Imbalances and External Adjustment after the Crisis PDF Online Free

Author :
Release : 2014-08-12
Genre : Business & Economics
Kind : eBook
Book Rating : 212/5 ( reviews)

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Book Synopsis Global Imbalances and External Adjustment after the Crisis by : Mr.Philip R. Lane

Download or read book Global Imbalances and External Adjustment after the Crisis written by Mr.Philip R. Lane. This book was released on 2014-08-12. Available in PDF, EPUB and Kindle. Book excerpt: This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances have strong predictive power for post-crisis macroeconomic outcomes, allowing for variation across different exchange rate regimes. We emphasize that the bulk of external adjustment has taken the form of “expenditure reduction”, with “expenditure switching” only playing a limited role.

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