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Are There Thresholds Of Current Account Adjustment In The G7
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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.
Book Synopsis Studies in International Economics and Finance by : Naoyuki Yoshino
Download or read book Studies in International Economics and Finance written by Naoyuki Yoshino and published by Springer Nature. This book was released on 2022-03-30 with total page 671 pages. Available in PDF, EPUB and Kindle. Book excerpt: This festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed. Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and his enviable academic contributions. - Prof. Y V Reddy, Former Governor, Reserve Bank of India This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah . This book will greatly benefit the academic community as well as our policy makers. - Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume. - Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India; and Member, Monetary Policy Committee of Reserve Bank of India This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician , Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments. - Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute. I wish all the luck and success to the new book. - Prof. Kishore Kulkarni, Distinguished Professor of Economics, Metropolitan State University of Denver, USA
Book Synopsis The New Global Political Economy by : Riccardo Fiorentini
Download or read book The New Global Political Economy written by Riccardo Fiorentini and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis is arguably the most dramatic outcome of globalization. International economic integration, if unregulated, can bring about huge inequalities and the destruction of the environment. This thought provoking book illustrates why the ïoldÍ international order is unable to provide crucial global public goods such as monetary and financial stability in the fight against mass poverty and climate change. The expert authors provide an in-depth analysis of the causes of the financial crisis and the political economy measures required to build a safer and more stable international order. They show how the financial crisis is deeply rooted in the flaws of the dollar standard and explain why the dollar and globalization should be considered together to understand the present challenges. By way of conclusion, the authors propose the creation of a ïWorld Eco-Monetary UnionÍ with the power to regulate the global economy and to promote sustainable development. This new macroeconomic approach presented contributes to the development of a more comprehensive supranational political economy. As such, this challenging book will prove a stimulating read for academics, researchers and students with an interest in economics, heterodox economics, and international economics.
Book Synopsis Sustainability of External Imbalances by : Angélique Herzberg
Download or read book Sustainability of External Imbalances written by Angélique Herzberg and published by Springer. This book was released on 2014-08-28 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid-1990s, sustainability of large and persistent current account positions have been attracting much attention from policy makers and economists alike. Alongside global imbalances, sustainability of imbalances within the euro area, which started widening shortly after the introduction of the euro, raised much concern. While there exists a large body of theoretical and empirical literature on sustainability of external imbalances, a systematic survey has been lacking so far. Angélique Herzberg fills this gap by examining a broad range of established sustainability measures concerning their applicability to the various global and intra-euro imbalances of the recent past. Furthermore, the author examines the existence of feedback effects from an economy ́s net international investment position to its trade balance.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :158906626X Total Pages :323 pages Book Rating :4.5/5 (89 download)
Book Synopsis World Economic Outlook, April 2007 by : International Monetary Fund. Research Dept.
Download or read book World Economic Outlook, April 2007 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2006-09-19 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF’s World Economic Outlook is packed with country specific facts, figures, and worldwide projections that present the outlook for growth, inflation, trade, and other economic developments in a clear, practical format. Leading international economists pull together the latest data on key topics, producing informed projections and policy analyses that show where the global economy is headed in the years to come. Business executives, policymakers, bankers, investors, marketing strategists, and economists worldwide refer to the WEO with confidence because it delivers a balanced view of the current economic situation, built upon the respected and extensive macroeconomic expertise and statistical resources of the IMF. The WEO is the product of a unique international exercise in information gathering and analysis performed by over 1,000 economists on the IMF staff. An annual subscription to the World Economic Outlook, published at least twice a year in English, French, Spanish, and Arabic, offers a comprehensive assessment of the international economic situation as well as prospects for the future. With its analyses backed by the expertise and unparalleled resources of the IMF, the World Economic Outlook is the authoritative reference in its field. Today, when even small economic fluctuations can trigger major financial swings, the WEO supplies a solid source of actionable information and data.
Book Synopsis The Global Recession Risk by : C. Peláez
Download or read book The Global Recession Risk written by C. Peláez and published by Springer. This book was released on 2007-04-17 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fire sale of US debt could cause a global recession through disorderly devaluation of the dollar, raising interest rates and crashing stock markets. The G7 doctrine of shared responsibility intends to coordinate regional efforts. This book analyzes the main issues and individual regions, including China, Japan, the EU and the USA.
Book Synopsis Global Issues in Banking and Finance by : Nesrin Ozatac
Download or read book Global Issues in Banking and Finance written by Nesrin Ozatac and published by Springer Nature. This book was released on 2019-10-17 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents current developments in the fields of banking and finance from an international perspective. Featuring contributions from the 4th International Conference on Banking and Finance Perspectives (ICBFP), this volume serves as a valuable forum for discussing current issues and trends in the banking and financial sectors, especially in light of the global economic challenges triggered by financial institutions. Using the latest theoretical models, new perspectives are brought to topics such as international banking and finance, Islamic banking, fintech, and corporate finance. Offering an opportunity to explore the challenges of a rapidly changing industry, this volume will be of interest to academics, policy makers, and scholars in the fields of banking, insurance, and finance.
Book Synopsis OECD Economic Surveys: United States 2005 by : OECD
Download or read book OECD Economic Surveys: United States 2005 written by OECD and published by OECD Publishing. This book was released on 2005-10-27 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This economic survey examines the key challenges facing the US economy including fiscal sustainability and budgetary discipline, fiscal relations across levels of government, adjustment of the current account, and labour market issues such as trade ...
Book Synopsis Designing the European Model by : S. Honkapohja
Download or read book Designing the European Model written by S. Honkapohja and published by Springer. This book was released on 2009-04-30 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines existing problems in the European economy, focusing on labour markets, including labour market reform and outsourcing, as well as macroeconomic issues, such as macroeconomic stabilization in the Euro area and convergence and divergence in economic growth in the EU.
Book Synopsis The U.S. Current Account Deficit and the Expected Share of World Output by : Charles Engel
Download or read book The U.S. Current Account Deficit and the Expected Share of World Output written by Charles Engel and published by . This book was released on 2006 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the possibility that the large current account deficits of the U.S. are the outcome of optimizing behavior. We develop a simple long-run world equilibrium model in which the current account is determined by the expected discounted present value of its future share of world GDP relative to its current share of world GDP. The model suggests that under some reasonable assumptions about future U.S. GDP growth relative to the rest of the advanced countries -- more modest than the growth over the past 20 years -- the current account deficit is near optimal levels. We then explore the implications for the real exchange rate. Under some plausible assumptions, the model implies little change in the real exchange rate over the adjustment path, though the conclusion is sensitive to assumptions about tastes and technology. Then we turn to empirical evidence. A test of current account sustainability suggests that the U.S. is not keeping on a long-run sustainable path. A direct test of our model finds that the dynamics of the U.S. current account -- the increasing deficits over the past decade -- are difficult to explain under a particular statistical model (Markov-switching) of expectations of future U.S. growth. But, if we use survey data on forecasted GDP growth in the G7, our very simple model appears to explain the evolution of the U.S. current account remarkably well. We conclude that expectations of robust performance of the U.S. economy relative to the rest of the advanced countries is a contender -- though not the only legitimate contender -- for explaining the U.S.
Book Synopsis Trading Away Our Future by : Raymond L. Richman
Download or read book Trading Away Our Future written by Raymond L. Richman and published by Ideal Taxes Association. This book was released on 2008 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are Trading Away Our Future and most economists have been caught with their heads in the sand. They think that the trade deficits are the result of free market forces. But the trade deficits are caused by foreign government currency manipulations and the foolish subsidies that the US tax system gives to foreign savings. The American People know that something is wrong. They know that the Chinese and Japanese governments manipulate their currencies to steal American industries. They are intrigued by Governor Huckabee's endorsement of the Fair Tax, a proposal that would abolish the IRS, renew American investment, Strengthen the dollar, and help solve the trade deficits. If nothing is done, then resolutely nondemocratic China will replace the United States as the world's premier power. In this book the Richmans explain solutions that are within our grasp. It is not yet too late!
Book Synopsis NBER Reporter by : National Bureau of Economic Research
Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 2008 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Current Account Reversals and Currency Crises by : Mr.Gian Milesi-Ferretti
Download or read book Current Account Reversals and Currency Crises written by Mr.Gian Milesi-Ferretti and published by International Monetary Fund. This book was released on 1998-06-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies large reductions in current account deficits and exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency crisis, and how these events affect macroeconomic performance. Both domestic factors, such as the low reserves, and external factors, such as unfavorable terms of trade, are found to trigger reversals and currency crises. The two types of events are, however, distinct; an exchange rate crash is associated with a fall in output growth and a recovery thereafter, while for reversals there is no systematic evidence of a growth slowdown.
Book Synopsis Monetary Economics by : Steven Durlauf
Download or read book Monetary Economics written by Steven Durlauf and published by Springer. This book was released on 2016-04-30 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: Specially selected from The New Palgrave Dictionary of Economics 2nd edition, each article within this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field. A handy reference tool.
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 Can Global Imbalances Continue? by : Dimitri B. Papadimitriou
Download or read book Can Global Imbalances Continue? written by Dimitri B. Papadimitriou and published by . This book was released on 2006 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Breaking the Reform Deadlock by : CEPS Macroeconomic Policy Group
Download or read book Breaking the Reform Deadlock written by CEPS Macroeconomic Policy Group and published by CEPS. This book was released on 2004 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
