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Global Imbalances And Developing Countries
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Book Synopsis Global Imbalances, Financial Crises, and Central Bank Policies by : Andreas Steiner
Download or read book Global Imbalances, Financial Crises, and Central Bank Policies written by Andreas Steiner and published by Elsevier. This book was released on 2016-07-25 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Imbalances, Financial Crises, and Central Bank Policies assesses the relationships between global imbalances, financial crises, and central bank policies, with a specific focus on their reserves. The book contains a strictly international perspective with an analysis based on empirical research that enables the reader to develop an analytical model that emphasizes interactions among individual central banks. With this innovative approach, the book develops a new method for defining an optimal demand for reserves. In addition, the book describes implications for financial reforms that might ultimately be more important than its empirical findings. Presents a systematic account of the relationship between the build-up of reserves and central bank policies Emphasizes a global view of currency reserves, which is usually ignored in analyses of their effect Includes datasets as well as all illustrations and figures in online ancillary materials
Book Synopsis Global Imbalances and Developing Countries by : Jan Joost Teunissen
Download or read book Global Imbalances and Developing Countries written by Jan Joost Teunissen and published by . This book was released on 2007 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 and published by Council on Foreign Relations. This book was released on 2009 with total page 56 pages. 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.
Book Synopsis Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe by : Ariane Hillig
Download or read book Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe written by Ariane Hillig and published by diplom.de. This book was released on 2014-03-10 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction: Problem and Objective: ‘The economic health of every country is a proper matter of concern to all its neighbors, near and far.’ Franklin D. Roosevelt. This quotation reflects the importance of economic imbalances for the global economic environment. As seen in the past, huge economic imbalances of emerging countries have resulted in a number of crises such as the Mexican tequila crisis, Asian crisis or the Argentine crisis. In the past ten years, major economic imbalances have been concentrating among a small number of countries. The main deficit countries such as USA and Spain have been mirrored by current account surplus countries in Asia, Middle East as well as in Europe. Already in 2004, the persistency and growing size of the global imbalances have led to the speculation about a disorderly unwinding in the future. In 2007, the global financial crisis started in USA and rapidly spread across major economies due to the high financial integration. Out of the financial crisis, the current eurozone crisis developed which is posing a major threat to the global economy. ‘Global imbalances can be defined as widening external positions of systemically important economies that reflect distortions or entail risks for the global economy.’ External positions are shown in the current accounts which show huge deficits or surpluses caused by distortions or/and pose a risk for the global economy. Distortions can arise due to policy decisions taken by the public or private sector. The current account development of a single European country does not fit the definition, but a country’s possible contagion effect in case of a crisis and the overall European development is systemically important and poses a significant risk to the global economy. Hence, in the author’s point-of-view the current account development from US-Asia as well as the intra-euro economic imbalances can be considered as global imbalances. [...]
Book Synopsis Imbalance and Rebalance by : Yang Li
Download or read book Imbalance and Rebalance written by Yang Li and published by Springer. This book was released on 2017-10-05 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on global financial systems. After summarising historical financial institutions, it subsequently uses economic and econometrical models to analyse the strengths and weaknesses of these institutions and their role in the history. Readers, especially international readers, will be introduced to prominent Chinese scholars’ ideas and views on these issues. The perspective of this book is, of course, a Chinese one. As such, readers will learn how Chinese people view global financial systems, even those dominated by the West, what they think about future global finance, etc. As such, the book offers intriguing and revealing insights for researchers and a broader readership alike.
Book Synopsis South-South Globalization by : S. Mansoob Murshed
Download or read book South-South Globalization written by S. Mansoob Murshed and published by Routledge. This book was released on 2011-06-16 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two prominent features of the current global economy are the world-wide recession brought about by the recent financial crisis, and the emergence of major economic powers from within the developing world such as Brazil, China and India. The former represents the failure of global regulatory policies and macroeconomic imbalances between surplus and deficit countries; the latter is symptomatic of a partial shift in economic power towards developing nations, who are often collectively labelled the global South. The macroeconomic imbalances are unsustainable in the longer run as they mean greater absorption relative to income in deficit nations; they require corrective action and international policy coordination. Reducing imbalances also requires large developing countries to raise their domestic consumption and also imports from the rest of the world and international financial institutions to operate as a lender of last resort. Furthermore, the engines of global growth, especially for developing countries, may no longer lie solely in the traditional developed country markets in the USA, Europe and Japan, known collectively as the global North. Rather South-South trade is growing rapidly, and that could be an engine of growth for the global economy, including both developed and developing countries. The various chapters in this edited volume address issues surrounding global imbalances and the prospects for growth in developing countries propelled by South-South interaction. This book should be of interest to students and researchers focussing on political economics, international economics, globalization, global imbalance and the world-wide recession after 2008.
Book Synopsis Global Imbalances and the Collapse of Globalised Finance by : Anton Brender
Download or read book Global Imbalances and the Collapse of Globalised Finance written by Anton Brender and published by . This book was released on 2010 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy is just starting to recover from the most disastrous episode in the history of financial globalisation. Understanding what happened is essential. Anton Brender and Florence Pisani, both economists with Dexia Asset Management and teaching at Paris-Dauphine University, argue in this book that the main problems were deeply rooted and are to be found in two tightly linked developments that for many years were left largely uncontrolled: the increase in the intensity of international transfers of savings - the so-called 'global imbalances' - and a wave of innovations - globalised finance - that have changed the way savings and the risks associated with their investment can be transferred. Globalised finance allowed continuously increasing amounts of emerging countries' savings, invested in 'risk-free' assets, to finance loans that were far from being risk-free. The risks attendant on those loans did not vanish of course: they were carried by the risk-takers of the globalised financial system. Hedge-funds, investment banks, off-balance-sheet vehicles, etc. functioned here as parts of a genuine alternative banking system, taking on the bulk of the liquidity, interest-rate and credit risks generated by the mismatch between the assets that emerging regions' savers were ready to - or could - invest in and the liabilities developed countries' borrowers issued. Unfortunately, no one was in charge of keeping in check either the quantity of risk being accumulated in this way or the quality of the loans generating those risks. The consequence was terrible: the only force that could finally rein in the continuous deepening of the global imbalances was the collapse of globalised finance.
Author :Committee for Economic Development. Research and Policy Committee Publisher : ISBN 13 :9780871861856 Total Pages :65 pages Book Rating :4.8/5 (618 download)
Book Synopsis Reducing Risks from Global Imbalances by : Committee for Economic Development. Research and Policy Committee
Download or read book Reducing Risks from Global Imbalances written by Committee for Economic Development. Research and Policy Committee and published by . This book was released on 2007 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Risks from global trade and financial "imbalances" and recommendations on how to reduce their threat to the world economy are examined in Reducing Risks from Global Imbalances, a report released today by Committee for Economic Development (CED), a business-led policy group"--PR Newswire.
Book Synopsis External Adjustment by : Maurice Obstfeld
Download or read book External Adjustment written by Maurice Obstfeld and published by . This book was released on 2004 with total page 64 pages. 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
Book Synopsis Global Imbalances and Developing Countries by : Jan Joost Teunissen
Download or read book Global Imbalances and Developing Countries written by Jan Joost Teunissen and published by KIEP. This book was released on 2007 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Crisis and Global Imbalances by : Yilmaz Akyuz
Download or read book Financial Crisis and Global Imbalances written by Yilmaz Akyuz and published by . This book was released on 2012 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Global Imbalances and Financial Capitalism by : Jacques Mazier
Download or read book Global Imbalances and Financial Capitalism written by Jacques Mazier and published by Routledge. This book was released on 2020-05-07 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks. A key text, Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling demonstrates that Stock-Flow-Consistent models are well adapted to study this growth regime due to their ability to analyse the real and financial sides of the economy in an integrated way. This approach is combined with an analysis of exchange rate misalignments using the Fundamental Equilibrium Exchange Rate (FEER) methodology, which serves to give a synthetic view of international imbalances. Together, these models describe how global and regional imbalances are created, as well as suggest appropriate tools through which they may be reduced. The book also considers alternative economic policies in the euro zone (international risk sharing, fiscal federalism, eurobonds, European investments, a multispeed euro zone) alongside alternative monetary policies. In particular, it examines the possibilities of using SDR (Special Drawing Rights) as a reserve asset to be issued to fight a global recession, to support the development of low-income countries, or as an anchor to improve global monetary stability. This text will be of interest to students, scholars, and researchers of economic theory and international monetary economics. It will also appeal to professional organisations who supervise international relations.
Book Synopsis Europe and Global Imbalances by : Philip R. Lane
Download or read book Europe and Global Imbalances written by Philip R. Lane and published by International Monetary Fund. This book was released on 2007-06 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.
Book Synopsis Global Rebalancing by : Yongzheng Yang
Download or read book Global Rebalancing written by Yongzheng Yang and published by International Monetary Fund. This book was released on 2011-10-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: While global rebalancing will mainly involve structural realignment among major advanced and emerging market economies, it could have significant impact on low-income countries (LICs). Simulations using a global general equilibrium model show that a more balanced global economy would tend to improve the current account balance in LICs with limited impact on domestic output. However, there could be adverse terms of trade effects on some LICs as the prices of manufactured goods rise. On the other hand, such prices increases could provide an impetus to export diversification in many LICs, raising growth in the long run. The output and terms of trade effects would be significantly amplified if structural adjustment is impeded by factor immobility and other rigidities.
Book Synopsis Global Imbalances Before and After the Global Crisis by : Luis Serven
Download or read book Global Imbalances Before and After the Global Crisis written by Luis Serven and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Financial Issues in the Pacific Rim by : Takatoshi Ito
Download or read book International Financial Issues in the Pacific Rim written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2008-09-15 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: The imbalanced, yet mutually beneficial, trading relationship between the United States and Asia has long been one of international finance’s most perplexing mysteries. Although the United States continues to post a substantial trade deficit—and China reaps the benefits of a surplus—the dollar has yet to sink in the face of ever-increasing account disparities. International Financial Issues in the Pacific Rim explains why the United States enjoys a seemingly symbiotic relationship with its trading partners despite stark inequities in the trade balance, especially with Asia. This timely and well-informed study also debunks the assumed link between economic openness and low inflation in the region, identifies the serious gap between academic and private-sector researchers’ understanding of exchange rate volatility, and analyzes the liberalization of Asian capital accounts. International Financial Issues in the Pacific Rim will have broad implications for global trade and economic policy issues in Asia and beyond.
Book Synopsis What Caused the Global Financial Crisis by : Erlend Nier
Download or read book What Caused the Global Financial Crisis written by Erlend Nier and published by International Monetary Fund. This book was released on 2010-11-01 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii) inadequate supervision and regulation. Panel data regressions are performed for OECD countries from 1999 to 2007, so as to shed light on the relative importance of these factors, as well as the extent to which these factors might have interacted in fuelling the build-up. We find that the build-up of financial imbalances was driven by capital inflows and an associated compression of the spread between long and short rates. The effect of capital inflows on the build-up is amplified where the supervisory and regulatory environment was relatively weak. We find that, by contrast, differences in monetary policy cannot account for differences across countries in the build-up of financial imbalances ahead of the crisis.
