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Global Imbalances
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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 275 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 Data, New Technologies, and Global Imbalances by : Georges Kotrotsios
Download or read book Data, New Technologies, and Global Imbalances written by Georges Kotrotsios and published by Cambridge Scholars Publishing. This book was released on 2021-03-03 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are familiar with the idea that technology is neutral, and that its impact depends only on how it is used. This traditional view has, however, become untenable. Because of its nature and its complex interplay with industry, the economy, and society, technology is no longer neutral. This change is being driven by the pervasiveness of data, which today are generated everywhere at an unpreceded pace because several technologies are currently reaching maturity. Data shape the world around us, in a trend that is commonly referred to as “digitalization”. This trend is apparent in every aspect of our lives, ranging from our personal environment and health to transportation, energy generation and management, and industry. Digitalization itself generates value, enabling the creation of new products and services. It also fosters technological and business innovation in other fields, including the manufacturing industry, and acts as a lever with which to promote growth. Digitalization, however, also creates imbalances, and this happens due to its very nature. Such imbalances appear between different parts of the globe and within individual geographical spaces. This book explores the multiplicity of mechanisms associated with the growing role that technology and data are playing in the creation of imbalances, and goes on to identify certain paths that lead toward mitigation. Should we make data publicly accessible, and in a transparent way? How can policymakers empower governments to address global and local imbalances, particularly those generated by technology and data? Do we need a global data-governance structure that—like the World Trade Organization for commerce—regulates data use and access?
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 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 Global Imbalances by : Nicoletta Batini
Download or read book Global Imbalances written by Nicoletta Batini and published by International Monetary Fund. This book was released on 2009-03-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the role played by total factor productivity (TFP) in the tradable and nontradable sectors of the United States, the euro area, and Japan in the emergence and evolution of today's global trade imbalances. Simulation results based on a dynamic general equilibrium model of the world economy, and using the EU KLEMS database, indicate that TFP developments in these economies can account for a significant fraction of the total deterioration in the U.S. trade balance since 1999, as well as account for some the surpluses in the euro area and Japan. Differences in TFP developments across sectors can also partially explain the evolution of the real effective value of the U.S. dollar during this period.
Book Synopsis The Great Rebalancing by : Michael Pettis
Download or read book The Great Rebalancing written by Michael Pettis and published by Princeton University Press. This book was released on 2014-10-26 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: How trade imbalances spurred on the global financial crisis and why we aren't out of trouble yet China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, and he predicts severe economic dislocations that will have long-lasting effects. Demonstrating how economic policies can carry negative repercussions the world over, The Great Rebalancing sheds urgent light on our globally linked economic future.
Download or read book Global Imbalances written by Pietro Cova and published by International Monetary Fund. This book was released on 2009-03-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the role played by emerging Asia in the emergence and evolution of the global trade imbalances. Based on simulations in a general equilibrium model of the world economy, we find that a productivity slowdown in the non-tradable sector of these economies in the second half of the 1990s fits regional macroeconomic developments relatively well, but has limited spillover effect to the United States trade balance. In contrast, an increase in the desired level of emerging Asia net foreign assets starting in 2001 not only fits regional developments relatively well, but also has a significant spillover effect to the United States.
Book Synopsis Global Imbalances, Exchange Rates and Stabilization Policy by : A. Makin
Download or read book Global Imbalances, Exchange Rates and Stabilization Policy written by A. Makin and published by Springer. This book was released on 2009-07-23 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes key international monetary issues from a macro-foundations perspective. It proposes novel frameworks to interpret macroeconomic and financial linkages for globally integrated economies, examining global imbalances, exchange rates, interest rates, international capital flows, inflation, foreign and public debt.
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 is the result of a workshop on the effects of globalization on Asian and European countries, organized by Marc Uzan and the Austrian Ministry of Finance in April 2006. Bringing together key academics, policy makers and private market participants, these chapters cover the current debate of global imbalances and the way to resolve the disequilibrium in the international monetary system and understand the need for international cooperation among the different monetary areas of the world. Various important points come out of the book; firstly there is an emphasis on the difficulties for Europeans and Asians to find common positions vis-à-vis global imbalances due to different exchange rate regimes throughout Asia preventing similar responses. The role of the US dollar as a world currency is also discussed, as well as EU regional monetary cooperation and an analysis of the Euro. The implementation of economic policy to redress global imbalances is also considered, as is the emergence of China on the world stage and its industrial development projects. These questions and the way the international financial community will resolve them, will have a huge impact in the functioning of the international monetary system. The current unwinding of the global imbalances that we are facing with the global market disruptions since August 2007, demonstrate that a new geography of international finance is emerging between Europe and Asia. The book addresses also the way that a dialog in the field in monetary arena needs to be structured between Europe and Asia.
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 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 266 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.
Author :Institute for International Economics (U.S.) Publisher :Washington, DC : Institute for International Economics ISBN 13 : Total Pages :136 pages Book Rating :4.3/5 (91 download)
Book Synopsis Global Economic Imbalances by : Institute for International Economics (U.S.)
Download or read book Global Economic Imbalances written by Institute for International Economics (U.S.) and published by Washington, DC : Institute for International Economics. This book was released on 1985 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Untangling the US Deficit by : Richard A. Iley
Download or read book Untangling the US Deficit written by Richard A. Iley and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book would be a good companion text for an undergraduate class in international finance or open-economy macroeconomics. Catherine L. Mann, Journal of Economic Literature Untangling the US Deficit is a unique and well-researched book and will be of great interest to academic economists and postgraduates. Policymakers, business and market economists will also find it an enlightening and challenging analysis. sirreadalot.org The book is written in a very accessible fashion, even though the authors strive to accommodate competing and complex views on the causes and cures of the US external deficit, which makes for enjoyable and informative reading. Their reliance on data, charts and bibliography result in persuasive arguments. Recommended. General readers; upper-division undergraduates through practitioners. A. Sharma, Choice What are the causes of the US current account deficit? Are the problems made in the US or the rest of the world? Are these deficits sustainable, at what level? These are the types of questions the authors set out to answer, and in essence conclude that the answers do not matter for global stability as long as imbalances are left to market forces and the US can avoid large net income outflows. The beauty of this book, however, is watching the authors (the unusual combination of a business economist and an academic economist) arrive at this conclusion. They provide insights that can come only from years of practical and theoretical experience. William E. Becker, Indiana University Bloomington, US As the US current account deficit has expanded to a record level of $811 billion in 2006, debate about the deficit s causes and consequences has also grown. Is the deficit a product of American profligacy or a glut of savings in the rest of the world? Is it a serious problem or essentially benign? Untangling the US Deficit charts a course between the competing explanations in a systematic and rigorous approach, incorporating the latest academic research and market data. Particular attention is given to the China United States trade imbalance and to the special role of the US dollar and US capital markets in global finance. This unique and well-researched book will be of great interest to academic economists and postgraduates. Policy-makers, business and market economists will also find it to be an enlightening and challenging account.
Book Synopsis Fixing Global Finance by : Martin Wolf
Download or read book Fixing Global Finance written by Martin Wolf and published by JHU Press. This book was released on 2010-04-01 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2008, when Fixing Global Finance was first published, the collapse of the housing and credit bubbles of the 2000s has crippled the world’s economy. In this updated edition, Financial Times columnist Martin Wolf explains how global imbalances helped cause the financial crises now ravaging the U.S. economy and outlines steps for ending this destructive cycle—of which this is the latest and biggest. An expanded conclusion recommends near- and long-term measures to stabilize and protect financial markets in the future. Reviewing global financial crises since 1980, Wolf lays bare the links between the microeconomics of finance and the macroeconomics of the balance of payments, demonstrating how the subprime lending crisis in the United States fits into a pattern that includes the economic shocks of 1997, 1998, and early 1999 in Latin America, Russia, and Asia. He explains why the United States became the “borrower and spender of last resort,” makes the case that this was an untenable arrangement, and argues that global economic security depends on radical reforms in the international monetary system and the ability of emerging economies to borrow sustainably in domestic currencies. Sharply and clearly argued, Wolf’s prescription for fixing global finance illustrates why he has been described as "the world's preeminent financial journalist."
Book Synopsis The Challenges Of Globalization by : Anders Åslund
Download or read book The Challenges Of Globalization written by Anders Åslund and published by Columbia University Press. This book was released on 2008-07-10 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: With high growth rates in Asia, most notably in China, India, and Southeast and Central Asia, Eurasia's economic center of gravity is rapidly shifting to the East. At the same time, most of Europe faces serious barriers to growth in the long term. The volume examines the causes and consequences of this major shift in economic power and considers the options available to policymakers in various parts of Europe and Asia. The ten chapters in this book focus on long-term challenges of globalization rather than short-term problems of individual countries and explore two themes: global macroeconomic imbalances and growth. This work is based on a CASE-Center for Social and Economic Research and CASE-Ukraine conference.
Author :Mr. Gian-Maria Milesi-Ferretti Publisher :International Monetary Fund ISBN 13 :1451899254 Total Pages :59 pages Book Rating :4.4/5 (518 download)
Book Synopsis The External Wealth of Nations by : Mr. Gian-Maria Milesi-Ferretti
Download or read book The External Wealth of Nations written by Mr. Gian-Maria Milesi-Ferretti and published by International Monetary Fund. This book was released on 1999-08-01 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital flows are closely monitored, but surprisingly little is known about the stocks of external assets and liabilities held by countries, especially in the developing world. This paper constructs estimates of foreign assets and liabilities and their equity and debt subcomponents for 66 industrial and developing countries for the period 1970-97. It explores the sensitivity of estimates of stock positions to the treatment of valuation effects not captured in balance of payments data. Finally, it characterizes the stylized facts of estimated stocks and asks whether there are trends in net foreign asset positions and differences in debt-equity ratios across countries.
