ECONIS Select – Managing the New Global Imbalances

06/2009

The financial crisis and the resulting global downturn have unwound some of the old global imbalances. For example, U.S. household consumption as a proportion of income has fallen; Chinese government spending relative to GDP has increased. Nevertheless, the economic turmoil may give rise to new patterns of global imbalances.

Governments’ ability and need to provide bank bailouts and fiscal stimulus have often depended on the size of their financial industry and the size of the national debt, rather than on the magnitude of previous global imbalances that required to be corrected. The severity of national recessions, along with the associated changes in trade flows and capital movements, have depended in part on countries’ different degrees of export dependence, energy production capacities and their past financial regulations.

These differences may generate new imbalances between countries with relatively large and relatively small financial sectors, raw-material-producing and raw-material-consuming countries, and relatively open and closed economies.

In the absence of proactive policy responses, what are the new global imbalances likely to be? How should monetary, fiscal, trade, structural and welfare policies of countries around the world respond to the prospect of new imbalances? What exchange rate regimes would be useful to prevent the new imbalances from arising?

Literature selected from our database ECONIS:

• Paper: Global imbalances and global governance / Philip R. Lane
  In: Intereconomics . - Berlin; Heidelberg [u.a.] : Springer, ISSN 0020-5346, ZDB-ID 29099. - Bd. 44.2009, 2, S. 77-81
  Keywords: Internationale Kapitalmobilität / Kapitalmarktliberalisierung / Nord-Süd-Beziehungen / Weltwirtschaftsordnung / Global Governance / Welt
• Title: Global imbalances and the financial crisis / Steven Dunaway
  Year: New York, NY [u.a.] : Council on Foreign Relations, 2009
  Series: Council special report / Council on Foreign Relations ; 44
  Keywords: Finanzmarktkrise / Internationales Währungssystem / Internationaler Finanzmarkt / Internationale Kapitalmobilität / Kapitalbilanz / Zahlungsbilanzungleichgewicht / Welt
  Signature: B 362986
• Paper: Financial crash, commodity prices, and global imbalances / Ricardo J. Caballero; Emmanuel Farhi; Pierre-Olivier Gourinchas
  In: Brookings papers on economic activity . - Washington, DC : Inst., ISSN 0007-2303, ZDB-ID 1870087. - 2008, Fall, S. 1-68
  Keywords: Weltwirtschaft / Finanzmarktkrise / Erdölpreis / Börsenkurs / Kapitalmangel / Welt / 1990-2008
• Title: The macroeconomics of global imbalances : European and Asian perspectives / ed. by Marc Uzan
  Year: London [ua.a.] : Routledge, 2009
  Series: Routledge studies in the modern world economy ; 75
  Keywords: Weltwirtschaft / Internationaler Finanzmarkt / Leistungsbilanz / Zahlungsbilanzungleichgewicht / Wechselkurspolitik / Internationales Währungssystem / Internationale Zusammenarbeit / EU-Staaten / Asien / 1988-2005
  Signature: B 361048
• Title: Global imbalances and financial fragility / Ricardo J. Caballero; Arvind Krishnamurthy
  Year: Cambridge, Mass., 2009
  Series: NBER working paper series ; 14688
  Keywords: Finanzmarkt / Internationale Kapitalmobilität / Kapitalimport / Risikoaversion / Zahlungsbilanzungleichgewicht / Finanzmarktkrise / USA / 2007-2008
  Signature: W 1 (14688)
  Link: http://papers.nber.org/papers/w14688.pdf
• Title: Chinas financial conundrum and global imbalances / by Ronald McKinnon and Gunther Schnabl
  Year: Basel, 2009
  Series: BIS working papers ; 277
  Signature: W 910 (277)
  Link: http://www.bis.org/publ/work277.pdf
• Title: Causes and consequences of global imbalances : perspective from developing Asia / Charles Adams and Donghyun Park
  Year: Manila, Philippines : Asian Development Bank, 2009
  Series: ERD working paper series / Asian Development Bank ; 157
  Link: http://www.adb.org/Documents/Working-Papers/2009/Economics-WP157.pdf
• Paper: How will the related variables change if global imbalances unwind? / Hideki Nishigaki
  In: Economic modelling . - Amsterdam [u.a.] : Elsevier, ISSN 0264-9993, ZDB-ID 868243. - Bd. 26.2009, 1, S. 206-212
  Keywords: Zahlungsbilanzungleichgewicht / Finanzpolitik / Geldpolitik / VAR-Modell / USA
• Title: Macroeconomic imbalances in the United States and their impact on the international financial system / by Julia S. Perelstein
  Year: 2009
  Anbieter: Annandale-on-Hudson, NY
  Series: Working papers / The Levy Economics Institute ; 554
  Link: http://www.levy.org/pubs/wp_554.pdf
• Paper: Are global imbalances a problem? / John Williamson
  In: Currency and competitiveness in Europe . - Cheltenham [u.a.] : Elgar, ISBN 1-8484-4035-9. - 2008, S. 31-45
  Keywords: Weltwirtschaft / Zahlungsbilanzungleichgewicht / Internationale wirtschaftspolitische Koordination / Wirtschaftliche Anpassung / Wechselkurspolitik / Internationales Währungssystem / Welt
• Paper: Global imbalances : origins, consequences and possible resolutions / Takatoshi Ito
  In: Central banks as economic institutions . - Cheltenham [u.a.] : Elgar, ISBN 1-8484-4109-6. - 2008, S. 142-161
• Paper: Unwinding global economic imbalances : whats growth go to do with it? / Graham Bird
  In: World economics . - Henley-on-Thames : NTC Econom. & Financial Publ., ISSN 1468-1838, ZDB-ID 20103190. - Bd. 9.2008, 3, S. 211-215
• Title: Should there be a coordinated response to the problem of global imbalances? : can there be one? / Barry Eichengreen
  Year: New York, NY : United Nations, Dep. of Economic and Social Affairs, Sept. 2008
  Series: DESA working paper ; 69 Economic and social affairs
  Keywords: Zahlungsbilanzungleichgewicht / Welt
  Link: http://www.un.org/esa/desa/papers/2008/wp69_2008.pdf
• Paper: Global imbalances : globalization, demography, and sustainability / Richard N. Cooper
  In: The journal of economic perspectives . - Nashville, Tenn. : American Economic Association, ISSN 0895-3309, ZDB-ID 6230180. - Bd. 22.2008, 3, S. 93-112
  Keywords: Zahlungsbilanzungleichgewicht / Leistungsbilanz / Globalisierung / Sparen / Investition / Bevölkerungsentwicklung / USA
• Paper: Would protectionism defuse global imbalances and spur economic activity? : a scenario analysis / Hamid Faruqee; Douglas Laxton; Dirk Muir; Paolo Pesenti
  In: Journal of economic dynamics & control . - Amsterdam : North-Holland Publ. Co., ISSN 0165-1889, ZDB-ID 7174093. - Bd. 32.2008, 8, S. 2651-2689
  Keywords: Zahlungsbilanzungleichgewicht / |stw| Protektionismus / |stw| Dynamisches Gleichgewicht / |stw| Außenhandelspolitik / |stw| Welt
• Title: Financial flows and international imbalances : the role of catching up by late-industrializing developing countries / by Jan Kregel
  Year: Febr. 2008
  Anbieter: Annandale-on-Hudson, NY
  Series: Working papers / The Levy Economics Institute ; 528
  Keywords: Internationale Kapitalmobilität / Zahlungsbilanzungleichgewicht / Welt / USA / Entwicklungsstrategie / Entwicklungskonvergenz / China / Asien
  Link: http://www.levy.org/pubs/wp_528.pdf
• Title: Challenges of globalization : imbalances and growth / Peterson Institut for International Economics ... Anders Åslund and Marek Dabrowski, eds.
  Institution: Peterson Institute for International Economics International Conference on Winds of Change: The Impact of Globalization on Europe and Asia
  Year: Washington, DC, 2008
  Keywords: Globalisierung / Internationaler Wettbewerb / Wirtschaftliche Anpassung / Zahlungsbilanzungleichgewicht / Wirtschaftswachstum / Internationale Wirtschaftsbeziehungen / Europa / Asien / Welt
  Signature: B 359881
• Paper: Global imbalances and economic development / Esteban Pérez Caldentey and Matías Vernengo
  In: International journal of political economy . - Armonk, NY : Sharpe, ISSN 0891-1916, ZDB-ID 10047219. - Bd. 36.2007/08, 4, S. 5-11
  Keywords: Zahlungsbilanzungleichgewicht / Internationaler Finanzmarkt / Internationales Währungssystem / Internationale Kapitalmobilität / USA / Welt
• Title: A framework for assessing global imbalances / by Thierry Bracke, Matthieu Bussière, Michael Fidora and Roland Straub
  Year: Frankfurt am Main : Europ. Central Bank, 2008
  Series: Occasional paper series / European Central Bank ; 78
  Keywords: Zahlungsbilanzungleichgewicht / Leistungsbilanz / Welt
  Signature: EU-09.052
  Link: http://www.ecb.int/pub/pdf/scpops/ecbocp78.pdf
• Title: Global imbalances, exchange rates and oil-exporting countries / Christian M. Oberpriller
  Year: Münster : LIT, 2009
  Series: Schriften zur internationalen Wirtschaftspolitik ; 6 Hochschulschrift: Zugl.: München, Univ., Diss., 2008
  Keywords: Leistungsbilanz / Zahlungsbilanzungleichgewicht / Kaufkraftparität / US-Dollar / Erdölförderung / Welt / OPEC-Staaten
  Signature: B 363274