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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Автор: Lane, Philip
Інші автори: Milesi-Ferretti, Gian
Формат: Журнал
Мова:English
Опубліковано: Washington, D.C. : International Monetary Fund, 2014.
Серія:IMF Working Papers; Working Paper ; No. 2014/151
Онлайн доступ:Full text available on IMF
Опис
Резюме: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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Фізичний опис:1 online resource (45 pages)
Формат:Mode of access: Internet
ISSN:1018-5941
Доступ:Electronic access restricted to authorized BRAC University faculty, staff and students