The Unsustainable Us Current Account Position Revisited

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The Unsustainable US Current Account Position Revisited

Author : Maurice Obstfeld
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Unsustainable US Current Account Position Revisited by : Maurice Obstfeld

Download or read book The Unsustainable US Current Account Position Revisited written by Maurice Obstfeld and published by . This book was released on 2004 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We show that the when one takes into account the global equilibrium ramifications of an unwinding of the US current account deficit, currently estimated at 5.4% of GDP, the potential collapse of the dollar becomes considerably larger--more than 50% larger--than our previous estimates (Obstfeld and Rogoff 2000a). That global capital markets may have deepened (as emphasized by US Federal Reserve Chairman Alan Greenspan) does not affect significantly the extent of dollar decline in the wake of global current account adjustment. Rather, the dollar adjustment to global current account rebalancing depends more centrally on the level of goods-market integration. Whereas the dollar's decline may be benign as in the 1980s, we argue that the current conjuncture more closely parallels the early 1970s, when the Bretton Woods system collapsed. Finally, we use our model to dispel some common misconceptions about what kinds of shifts are needed to help close the US current account imbalance. Faster growth abroad helps only if it is relatively concentrated in nontradable goods; faster productivity growth in foreign tradable goods is more likely to exacerbate the US adjustment problem"--NBER website

G7 Current Account Imbalances

Author : Richard H. Clarida
Publisher : University of Chicago Press
ISBN 13 : 0226107280
Total Pages : 518 pages
Book Rating : 4.2/5 (261 download)

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Book Synopsis G7 Current Account Imbalances by : Richard H. Clarida

Download or read book G7 Current Account Imbalances written by Richard H. Clarida and published by University of Chicago Press. This book was released on 2007-11-01 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current account deficit of the United States is more than six percent of its gross domestic product—an all-time high. And the rest of the world, including other G7 countries such as Japan and Germany, must collectively run current account surpluses to finance this deficit. How long can such unevenness between imports and exports be sustained, and what form might their eventual reconciliation take? Putting forth scenarios ranging from a gradual correction to a crash landing for the dollar, G7 Current Account Imbalances brings together economists from around the globe to consider the origins, status, and future of those disparities. An esteemed group of collaborators here examines the role of the bursting of the dot-com bubble, the history of previous episodes of current account adjustments, and the possibility of the Euro surpassing the dollar as the leading international reserve currency. Though there are areas of broad agreement—that the imbalances will ultimately decline and that currency revaluations will be part of the solution—many areas of contention remain regarding both the dangers of imbalances and the possible forms of adjustment. This volume will be of tremendous value to economists, politicians, and business leaders alike as they look to the future of the G7 economies.

External Adjustment

Author : Maurice Obstfeld
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)

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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

International Dimensions of Monetary Policy

Author : Jordi Galí
Publisher : University of Chicago Press
ISBN 13 : 0226278875
Total Pages : 663 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí

Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

The Dot-com Bubble, the Bush Deficits, and the U.S. Current Account

Author : Aart Kraay
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4./5 ( download)

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Book Synopsis The Dot-com Bubble, the Bush Deficits, and the U.S. Current Account by : Aart Kraay

Download or read book The Dot-com Bubble, the Bush Deficits, and the U.S. Current Account written by Aart Kraay and published by World Bank Publications. This book was released on 2005 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors challenge this view here and develop two alternative interpretations. Both are based on the notion that a bubble (the "dot-com" bubble) has been driving the stock market, but differ in their assumptions about the interactions between this bubble and fiscal policy (the "Bush" deficits). The "benevolent" view holds that a change in investor sentiment led to the collapse of the dot-com bubble and the Bush deficits were a welfare-improving policy response to this event. The "cynical" view holds instead that the Bush deficits led to the collapse of the dot-com bubble as the new administration tried to appropriate rents from foreign investors. The authors discuss the implications of each of these views for the future evolution of the U.S. economy and, in particular, its net foreign asset position."

The Sunken Billions Revisited

Author : World Bank
Publisher : World Bank Publications
ISBN 13 : 146480947X
Total Pages : 167 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis The Sunken Billions Revisited by : World Bank

Download or read book The Sunken Billions Revisited written by World Bank and published by World Bank Publications. This book was released on 2017-02-10 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report updates previous studies that measured in economic terms the extent of biological losses attributable to overfishing globally. The new estimates assess these 'sunken billions' at $83 billion annually. The report further shows that a clear path can lead to the recovery of these considerable losses, including through significant reduction in global fishing overcapacity. A breakdown between regions is also included, showing that the effort needed to achieve this reform will not be felt equally throughout the world. While the cost of such reform will likely be high, the expected benefits include an increase in biomass by a factor of 2.7, increase in annual harvests by 13 percent, and a 30-fold increase in annual net benefits accrued to the fisheries sector (from $3 billion to $86 billion annually). This urgent call for action is reinforced by the impacts of climate change on fish stocks and fisheries worldwide.

Economic Policy: Theory and Practice

Author : Agnes Benassy-Quere
Publisher : Oxford University Press
ISBN 13 : 019091212X
Total Pages : 705 pages
Book Rating : 4.1/5 (99 download)

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Book Synopsis Economic Policy: Theory and Practice by : Agnes Benassy-Quere

Download or read book Economic Policy: Theory and Practice written by Agnes Benassy-Quere and published by Oxford University Press. This book was released on 2018-11-07 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Policy provides a unique combination of facts-based analysis, state-of-the art economic theory, and insights from first-hand policy experience at the national and international levels to shed light on current domestic and international policy challenges. It is ideally suited for students, practitioners, and scholars seeking understanding both of the pragmatic constraints of real-world policy making and the analytical tools that enhance inquiry and inform debates. The authors draw on their experiences as academics and as policy makers in European and international institutions to offer a deep dive into the rationale, design, and implementation of economic policy across a range of policy domains: fiscal policy, monetary policy, international finance, financial stability, taxes, long-term growth and inequality. Highlighting the ways experience, theories, and institutions interact, each chapter starts with historical examples of dilemmas and shows how theoretical approaches can help policy makers understand what is at stake and identify solutions. The authors highlight the differences between the positive approach to economic policy (how do policies impact the economy), the normative approach (what should be policymakers' objectives and against which criteria should their action be judged), and the political-economy constraints (what are the limits and obstacles to public intervention). They rely on the most recent academic research, providing technical boxes while explaining the mechanisms in plain English in the text, with appropriate illustrations. This new edition is informed by such important recent developments as the Great Recession, the strains on the European Union and the Euro, the challenges of public and private debt, the successes and setbacks to emerging markets, changes to labor markets along with the increased attention to inequality, the debates on secular stagnation and its implications for conventional and unconventional monetary policy, the re-regulation of the financial sector, the debt overhang in both the public and the private sector.

The Macroeconomics of Global Imbalances

Author : Marc Uzan
Publisher : Routledge
ISBN 13 : 1135975051
Total Pages : 149 pages
Book Rating : 4.1/5 (359 download)

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Book Synopsis The Macroeconomics of Global Imbalances by : Marc Uzan

Download or read book The Macroeconomics of Global Imbalances written by Marc Uzan and published by Routledge. This book was released on 2008-10-27 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book unites an impressive cabinet of experts to examine questions of global imbalances - with particular focus on Europe and Asia, demonstrating how Asia has transformed itself, and laying out the challenges ahead in the monetary sphere.

Global Imbalances and External Adjustment after the Crisis

Author : Mr.Philip R. Lane
Publisher : International Monetary Fund
ISBN 13 : 1498339212
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Global Imbalances and External Adjustment after the Crisis by : Mr.Philip R. Lane

Download or read book Global Imbalances and External Adjustment after the Crisis written by Mr.Philip R. Lane and published by International Monetary Fund. This book was released on 2014-08-12 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

World Economic Outlook, September 2005

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 9781589064546
Total Pages : 294 pages
Book Rating : 4.0/5 (645 download)

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Book Synopsis World Economic Outlook, September 2005 by : International Monetary Fund. Research Dept.

Download or read book World Economic Outlook, September 2005 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2005-04-12 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Economic Outlook, published twice a year in English, French, Spanish, and Arabic, presents IMF staff economists' analyses of global economic developments during the near and medium term. Chapters give an overview of the world economy; consider issues affecting industrial countries, and economics in transition to market; and address topics of pressing current interest. Annexes, boxes, charts, and an extensive statistical appendix augment the text.

From Financial Crisis to Stagnation

Author : Thomas I. Palley
Publisher : Cambridge University Press
ISBN 13 : 1107612462
Total Pages : 257 pages
Book Rating : 4.1/5 (76 download)

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Book Synopsis From Financial Crisis to Stagnation by : Thomas I. Palley

Download or read book From Financial Crisis to Stagnation written by Thomas I. Palley and published by Cambridge University Press. This book was released on 2013-02-11 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a novel explanation of the financial crisis and Great Recession that emphasizes the destruction of shared prosperity over the past thirty years. This contrasts with "black swan" styled explanations that emphasize unexpected financial shocks and speculation. The book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts.

External Sector Report, July 2018

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1484370465
Total Pages : 147 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis External Sector Report, July 2018 by : International Monetary Fund

Download or read book External Sector Report, July 2018 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2018-07-23 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: The External Sector Report presents a methodologically consistent assessment of the exchange rates, current accounts, reserves, capital flows, and external balance sheets of the world’s largest economies. The 2018 edition includes an analytical assessment of how trade costs and related policy barriers drive excess global imbalances.

Capital for the Future

Author : The World Bank
Publisher : World Bank Publications
ISBN 13 : 0821399551
Total Pages : 171 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Capital for the Future by : The World Bank

Download or read book Capital for the Future written by The World Bank and published by World Bank Publications. This book was released on 2013-05-16 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: The gradual acceleration of growth in developing countries is a defining feature of the past two decades. This acceleration came with major shifts in patterns of investment, saving, and capital flows. This second volume in the Global Development Horizons series analyzes these shifts and explores how they may evolve through 2030. Average domestic saving in developing countries stood at 34 percent of their GDP in 2010, up from 24 percent in 1990, while their investment was around 33 percent of their GDP in 2012, up from 26 percent. These trends in saving and investment, along with higher growth rates in developing countries, have resulted in developing countriesâ€™ share of global savings now standing at 46 percent, nearly double the level of the 1990s. The presence of developing countries on the global stage will continue to expand over the next two decades. Analysis in this report projects that by 2030, China will account for 30 percent of global investment activity, far and away the largest share of any single country, while India and Brazil (at 7 percent and 3 percent) will account for shares comparable to those of the United States and Japan (11 percent and 5 percent). The complex interaction among aging, growth, and financial deepening can be expected to result in a world where developing countries will contribute 62 of every 100 dollars of world saving in 2030, up from 45 dollars in 2010, and where they account for between $6.2 trillion and $13 trillion of global gross capital flows, rising from $1.3 trillion in 2010. Trends in investment, saving, and capital flows through 2030 will affect economic conditions from the household level to the global macroeconomic level, with implications not only for national policy makers but also for international institutions and policy coordination. Policymakers preparing for this change will benefit from a better understanding of the unfolding dynamics of global capital and wealth in the future. This book is accompanied by a website, http://www.worldbank.org/CapitalForTheFuture, that includes a host of related electronic resources: data sets underlying the two main scenarios presented in the report, background papers, technical appendixes, interactive widgets with variations to some of the assumptions used in the projections, and related audio and video resources.

The G20 Macroeconomic Agenda

Author : Parthasarathi Shome
Publisher : Cambridge University Press
ISBN 13 : 131609300X
Total Pages : 318 pages
Book Rating : 4.3/5 (16 download)

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Book Synopsis The G20 Macroeconomic Agenda by : Parthasarathi Shome

Download or read book The G20 Macroeconomic Agenda written by Parthasarathi Shome and published by Cambridge University Press. This book was released on 2014-07-14 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the premier forum for global economic governance, G20 was successful in warding off the global economic crisis of 2008–09 and preventing it from becoming a full-blown depression. This book assesses the progress of the G20 with a focus on India. It discusses the role India has played in the success of the G20 process and, more importantly, delineates the possible barriers to India's enhanced involvement in the G20, and in global governance in general. As the global economy remains mired in uncertainties - stemming from the Euro crisis, lacklustre economic performance in the United States, and slowing of major emerging economies - this volume fills the need for a collection of analytical research papers from the perspective of emerging economies, and takes stock of the performance of the G20 thus far. It also points towards the unresolved issues and the future course of action in global financial and macroeconomic stance.

Thirty Years of Economic Policy

Author : Charles Wyplosz
Publisher : Oxford University Press
ISBN 13 : 0191075612
Total Pages : 765 pages
Book Rating : 4.1/5 (91 download)

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Book Synopsis Thirty Years of Economic Policy by : Charles Wyplosz

Download or read book Thirty Years of Economic Policy written by Charles Wyplosz and published by Oxford University Press. This book was released on 2015-10-22 with total page 765 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last 30 years, Economic Policy has strived to produce policy relevant and rigorous analyses of the economic challenges of the time. A number of articles have been highly influential, shaping thinking among academic economists and policymakers. This volume brings together key historic articles that still resonate today. It provides academics with important research markers, and also provides students (and their teachers) with a 'reader' that demonstrates how the field of economics progresses by responding to challenges of the time. It will also inspire a new generation of students and academics with a recollection of how some of today's most influential economists made early contributions.

One Currency, Two Markets

Author : Edwin L.-C. Lai
Publisher : Cambridge University Press
ISBN 13 : 1108491685
Total Pages : 347 pages
Book Rating : 4.1/5 (84 download)

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Book Synopsis One Currency, Two Markets by : Edwin L.-C. Lai

Download or read book One Currency, Two Markets written by Edwin L.-C. Lai and published by Cambridge University Press. This book was released on 2021-07-08 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.

Currency Conflicts on the International Scene

Author : John Driffill
Publisher : Emirates Center for Strategic Studies and Research
ISBN 13 : 9948145127
Total Pages : 13 pages
Book Rating : 4.9/5 (481 download)

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Book Synopsis Currency Conflicts on the International Scene by : John Driffill

Download or read book Currency Conflicts on the International Scene written by John Driffill and published by Emirates Center for Strategic Studies and Research. This book was released on 2012-07-12 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been discussion of ‘currency wars’ for a number of years. The longest-running recent issue has been the persistent US current account deficit and the matching surpluses elsewhere in the world, particularly China. These ‘global imbalances’ surfaced before 2000, and look set to continue for many years more, with little sign of the US deficit or Chinese surplus closing, despite some movement in the real exchange rate. The issue is wider than this. In 2011 Japan took steps to limit the rise of the yen. There was concerted action by several central banks after the major earthquake in north-east Japan on 11th March 2011, and late in October 2011 Japan took unilateral action to prevent the Yen from rising further. In September 2011, the Swiss Central Bank imposed a ceiling on the value of the Swiss franc and a number of emerging economies whose exchange rates float freely, or relatively freely, and whose capital markets are fairly open, have complained that their currencies have become overvalued because international capital, looking for returns, has flowed into their economies. Brazil has taken steps to limit the rise of the Real. Other South American countries, including Chile and Peru, have been intervening in the last year to prevent what they see as excessive appreciation. Global imbalances and currency wars are the subject of frequent analysis by the International Monetary Fund and they attract a great deal of attention in the financial press. Currency conflicts cover two different phenomena: one is disagreement about the level of a managed or pegged exchange rate, like the Chinese Yuan; another is the inappropriate level to which floating exchange rates are driven by market forces, as in the case of the Brazilian Real, the Japanese Yen, and the Swiss Franc. A different analysis of how exchange rates come about is required for each case. It reflects the fact that the international monetary system comprises a variety of different ways of determining exchange rates and carrying out monetary policy. Some countries float, some peg, and others are in between. The current international monetary system is not really a ‘system’ in the sense that the Gold Standard or the Bretton Woods regime was a system. Instead, it is an ad hoc, patchwork affair. This paper reviews the causes and consequences of these currency conflicts, the way they are likely to develop in the coming years, and some possible solutions.