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The Origins Of The German Current Account Surplus
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Book Synopsis The Origins of the German Current Account Surplus by : Fabrizio Coricelli
Download or read book The Origins of the German Current Account Surplus written by Fabrizio Coricelli and published by . This book was released on 2013 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The surge in the German current account surplus in the 2000s is often interpreted as the result of efficiency-enhancing structural reforms, especially in the labor market. However, this interpretation is puzzling because the growth rate of the German economy has been one of the lowest in the Euro area in the 2000s. Using empirical evidence and a simple theoretical two-sector model, the paper argues that the German surplus is closely linked to the increasing gap between productivity growth in manufacturing and services. Such gap is due not only to improvements in the manufacturing sector but also to a significant slowdown of productivity growth in services. Therefore, despite the success in export markets, the German surplus may signal long-run weaknesses associated with constraints on service growth and the inability of productivity growth in manufacturing to create positive spill-over effects on services. Persistence of barriers to liberalization in services may partly explain these phenomena. The paper concludes that higher and more balanced growth could lead to an equilibrium reduction of the current account surplus.
Book Synopsis The German Current Account Surplus and Krugman's and Wolff's Critique by : Georg Erber
Download or read book The German Current Account Surplus and Krugman's and Wolff's Critique written by Georg Erber and published by . This book was released on 2013 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global structural imbalances in international trade have become a major topic in particular after the Great financial and economic crisis in 2008. China and Germany have been running major balance of trade in goods and services surpluses as well as balance of current account surpluses in the past decade. Contrary other countries including the US on top have run major current account deficits at the same time. Now, after some time of quarreling about the global recovery, this debate on - how to correct for those global imbalances - is back on the transatlantic agenda. This time Germany is the major villain, because last year Germany's current account surplus reached a 7 percent to GDP level. However, this is already rebalancing and the future new German government is planning policy measures like a major increase in public infrastructure investments, introducing a minimum wage for the whole economy, increasing public spending in education and training, which would stimulate domestic demand and growth in Germany in the coming year. The paper looks at the empirical facts of the past couple of years related to the rebalancing of international imbalances already under way. It confronts these findings with the harsh critique of Paul Krugman published in the New York Times, who blames German politics as the major source for the current global imbalances. Looking at the facts much of the blame Krugman addresses on misguided German politics cannot be confirmed to be in line with the available statistics and most recent forecasts.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1513597132 Total Pages :35 pages Book Rating :4.5/5 (135 download)
Book Synopsis Germany by : International Monetary Fund. European Dept.
Download or read book Germany written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2015-07-15 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper identifies episodes of large and sustained current account surpluses in advanced economies (AEs) and compares Germany’s ongoing surplus with those episodes. In doing so, the paper aims to put Germany’s external position in a historical and cross-country context drawing from 55 years of data across 20 AEs. The comparison shows that the real growth of all domestic demand components, particularly of private investment, was remarkably weak during the latest sustained surplus episode in Germany in comparison with both “normal times” and other AE surplus episodes. Neither Germany’s nor a typical AE surplus episode has been accompanied by visible, broad-based competitiveness or terms of trade gains.
Download or read book Federal Republic of Germany written by and published by . This book was released on 1991 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trade Wars are Class Wars by : Matthew C. Klein
Download or read book Trade Wars are Class Wars written by Matthew C. Klein and published by Yale University Press. This book was released on 2020-01-01 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This is a very important book."--Martin Wolf, Financial TimesA provocative look at how today's trade conflicts are caused by governments promoting the interests of elites at the expense of workers Longlisted for the 2020 Financial Times & McKinsey Business Book of the Year Award "Worth reading for [the authors'] insights into the history of trade and finance."--George Melloan, Wall Street Journal Trade disputes are usually understood as conflicts between countries with competing national interests, but as Matthew C. Klein and Michael Pettis show, they are often the unexpected result of domestic political choices to serve the interests of the rich at the expense of workers and ordinary retirees. Klein and Pettis trace the origins of today's trade wars to decisions made by politicians and business leaders in China, Europe, and the United States over the past thirty years. Across the world, the rich have prospered while workers can no longer afford to buy what they produce, have lost their jobs, or have been forced into higher levels of debt. In this thought-provoking challenge to mainstream views, the authors provide a cohesive narrative that shows how the class wars of rising inequality are a threat to the global economy and international peace--and what we can do about it.
Book Synopsis Federal Republic of Germany by : Leslie Lipschitz
Download or read book Federal Republic of Germany written by Leslie Lipschitz and published by International Monetary Fund. This book was released on 1989-01-27 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter reviews recent economic developments and economic prospects in which the emergence of the principal imbalances is traced, and their persistent character highlighted in the Federal Republic of Germany. On macroeconomic policies, while one might quibble about the rate of expansion of the money supply or the timing of tax reduction and reform, the paper does not find major errors in the formulation or implementation of policies that would account for the principal economic imbalances. The need to reduce rules and regulations, which act to limit the flexibility and dynamism of the German economy, has been reinforced by the objective of fully liberalizing trade in services within the European Community by 1992. The banking industry is exempt from the provisions of the antitrust law, which prohibits restraints on competition, price collusion, and other collusive agreements. Among economists, there is a broad agreement that structural reforms in Germany would greatly improve economic performance and contribute to external adjustment.
Book Synopsis The Plans That Failed by : André Steiner
Download or read book The Plans That Failed written by André Steiner and published by Berghahn Books. This book was released on 2013-08-01 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The establishment of the Communist social model in one part of Germany was a result of international postwar developments, of the Cold War waged by East and West, and of the resultant partition of Germany. As the author argues, the GDR’s ‘new’ society was deliberately conceived as a counter-model to the liberal and marketregulated system. Although the hopes connected with this alternative system turned out to be misplaced and the planned economy may be thoroughly discredited today, it is important to understand the context in which it developed and failed. This study, a bestseller in its German version, offers an in-depth exploration of the GDR economy’s starting conditions and the obstacles to growth it confronted during the consolidation phase. These factors, however, were not decisive in the GDR’s lack of growth compared to that of the Federal Republic. As this study convincingly shows, it was the economic model that led to failure.
Book Synopsis Euroland and the World Economy by : Jörg Bibow
Download or read book Euroland and the World Economy written by Jörg Bibow and published by Springer. This book was released on 2007-10-23 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a broad perspective to challenge orthodox views about the role of Euroland in the world economy, providing a comprehensive framework to address important questions for the future of the Euro, including the key question: will the single currency contribute to world economic dynamism or be driven by the vigour and vitality of others?
Book Synopsis The National System of Political Economy by : Friedrich List
Download or read book The National System of Political Economy written by Friedrich List and published by . This book was released on 1904 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis History of the IMF by : Kazuhiko Yago
Download or read book History of the IMF written by Kazuhiko Yago and published by Springer. This book was released on 2015-06-10 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the history of the IMF from its birth, through the Bretton Woods era, and in the aftermath. Special attention is paid to integrating IMF history with the macro-economic policies of member countries and of other international institutions as well. This collection of work presents a clear understanding, inter alia, of the influence of the United States over IMF policy via the National Advisory Committee; the dealings of the IMF with the UK on pound sterling policy; the institutional change of the IMF brought about by Per Jacobsson, the third managing director; and France, Italy, Germany, Canada, and Japan vis-à-vis IMF consultations. It also provides the reader with topics concerning the bankers’ acceptance market function and international liquidity issues in relation to IMF policy; the final chapter sheds light on the long-standing relations between the IMF and China, from the Bretton Woods Agreement to the contemporary period. All the chapters are archive-based academic studies providing deep insights with historical background, which makes this book the first thoroughly independent achievement in the field of IMF history. This book is highly recommended to readers interested in contemporary monetary and financial history and those who seek to obtain a coherent image of postwar international institutions and markets.
Book Synopsis The Germany Illusion by : Marcel Fratzscher
Download or read book The Germany Illusion written by Marcel Fratzscher and published by Oxford University Press. This book was released on 2018-03-16 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe is in a period of transition and there is great uncertainty about its direction. No country plays a greater role in influencing Europe's future path than Germany, which is either seen as overbearing or indecisive in its imposition of policies-and sometimes is seen as both at once. In The Germany Illusion, Marcel Fratzscher provides a distinctive corrective to common misunderstandings of Germany's domestic political economy and how it affects its European and global roles. Fratzscher's trenchant analysis sheds light on the true state of Germany's economy, which is neither as rosy as optimists believe nor as hidebound as pessimists fear. He covers the breadth of the German economy, from its deceptive employment miracle, the sources and underlying problems of its export strengths, its large investment gap, and not least the differences between east and west that continue since reunification. Understanding the domestic scene in Germany is crucial to understanding its relationships with other European countries, the European Union, and the United States. Fratzscher traces the sources and implications of the differences and conflict between Germany and its neighbors on European policymaking generally and in particular during the European economic and financial crisis, the Brexit debate, the refugee crisis, the rising populism and protectionism in the United States and in Europe, and over fundamental reforms of European institutions. The Germany Illusion is a balanced and nuanced examination of pressing and complex issues that enhances our understanding of German policies-the strengths and weaknesses, the possibilities and the limits. It also proposes a realistic path for Germany to re-engage with its European neighbors and with the United States, and to help re-build Europe's future.
Author :Otmar Emminger Publisher :Princeton, N.J. : International Finance Section, Department of Economics, Princeton University ISBN 13 : Total Pages :72 pages Book Rating :4.4/5 (91 download)
Book Synopsis The D-Mark in the Conflict Between Internal and External Equilibrium, 1948-75 by : Otmar Emminger
Download or read book The D-Mark in the Conflict Between Internal and External Equilibrium, 1948-75 written by Otmar Emminger and published by Princeton, N.J. : International Finance Section, Department of Economics, Princeton University. This book was released on 1977 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Crashed written by Adam Tooze and published by Penguin. This book was released on 2018-08-07 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.
Download or read book Export Empire written by Stephen G. Gross and published by Cambridge University Press. This book was released on 2015 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major new interpretation of Nazi influence in southeastern Europe through the concepts of soft power and informal empire.
Book Synopsis The External Balance Assessment (EBA) Methodology by : Mr.Steven Phillips
Download or read book The External Balance Assessment (EBA) Methodology written by Mr.Steven Phillips and published by International Monetary Fund. This book was released on 2014-01-13 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.
Book Synopsis The Paradox of German Power by : Hans Kundnani
Download or read book The Paradox of German Power written by Hans Kundnani and published by . This book was released on 2015 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Euro crisis began, Germany has emerged as Europe's dominant power. During the last three years, German Chancellor Angela Merkel has been compared with Bismarck and even Hitler in the European media. And yet few can deny that Germany today is very different from the stereotype of nineteenth- and twentieth-century history. After nearly seventy years of struggling with the Nazi past, Germans think that they more than anyone have learned its lessons. Above all, what the new Germany thinks it stands for is peace. Germany is unique in this combination of economic assertiveness and military abstinence. So what does it mean to have a "German Europe" in the twenty-first century? In The Paradox of German Power, Hans Kundnani explains how Germany got to where it is now and where it might go in future. He explores German national identity and foreign policy through a series of tensions in German thinking and action: between continuity and change, between "normality" and "abnormality," between economics and politics, and between Europe and the world.
Book Synopsis Fiscal Policy and the Current Account by : International Monetary Fund
Download or read book Fiscal Policy and the Current Account written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-05-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector autoregressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the fiscal balance by 1 percentage point of GDP is associated with a current account improvement of 0.2–0.3 percentage point of GDP. This association is as strong in emerging and low-income countries as it is in advanced economies; and significantly higher when output is above potential.
