Global Imbalances and External Adjustment after the Crisis /

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 a...

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Detaylı Bibliyografya
Yazar: Lane, Philip
Diğer Yazarlar: Milesi-Ferretti, Gian
Materyal Türü: Dergi
Dil:English
Baskı/Yayın Bilgisi: Washington, D.C. : International Monetary Fund, 2014.
Seri Bilgileri:IMF Working Papers; Working Paper ; No. 2014/151
Online Erişim:Full text available on IMF
Diğer Bilgiler
Özet: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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Fiziksel Özellikler:1 online resource (45 pages)
Materyal Türü:Mode of access: Internet
ISSN:1018-5941
Erişim:Electronic access restricted to authorized BRAC University faculty, staff and students