The two crises of international economics:
In this essay, we argue that key assumptions in international macroeconomic theory, though useful for understanding the economic relationships among developed countries, have been pushed beyond their competence to include relationships between developed economies and emerging markets. The Achilles h...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13197 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | In this essay, we argue that key assumptions in international macroeconomic theory, though useful for understanding the economic relationships among developed countries, have been pushed beyond their competence to include relationships between developed economies and emerging markets. The Achilles heel of this extended development model is the assumption that threats to deprive the debtor countries of gains from trade provide incentives for poor countries to repay more than trivial amounts of international debt. Replacing this assumption with the idea that collateral is required to support gross international capital flows suggests that the pattern of current account balances seen in recent years is a sustainable equilibrium. |
| Beschreibung: | [32] S. graph. Darst. 22 cm |
Internformat
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13197 | |
| 520 | 8 | |a In this essay, we argue that key assumptions in international macroeconomic theory, though useful for understanding the economic relationships among developed countries, have been pushed beyond their competence to include relationships between developed economies and emerging markets. The Achilles heel of this extended development model is the assumption that threats to deprive the debtor countries of gains from trade provide incentives for poor countries to repay more than trivial amounts of international debt. Replacing this assumption with the idea that collateral is required to support gross international capital flows suggests that the pattern of current account balances seen in recent years is a sustainable equilibrium. | |
| 700 | 1 | |a Garber, Peter M. |d 1947- |e Verfasser |0 (DE-588)128831952 |4 aut | |
| 700 | 1 | |a Folkerts-Landau, David F. I. |d 1949- |e Verfasser |0 (DE-588)128831936 |4 aut | |
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| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
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| physical | [32] S. graph. Darst. 22 cm |
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| spelling | Dooley, Michael P. 1944- Verfasser (DE-588)128655526 aut The two crises of international economics Michael P. Dooley ; Peter M. Garber ; David Folkerts-Landau Cambridge, Mass. National Bureau of Economic Research 2007 [32] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13197 In this essay, we argue that key assumptions in international macroeconomic theory, though useful for understanding the economic relationships among developed countries, have been pushed beyond their competence to include relationships between developed economies and emerging markets. The Achilles heel of this extended development model is the assumption that threats to deprive the debtor countries of gains from trade provide incentives for poor countries to repay more than trivial amounts of international debt. Replacing this assumption with the idea that collateral is required to support gross international capital flows suggests that the pattern of current account balances seen in recent years is a sustainable equilibrium. Garber, Peter M. 1947- Verfasser (DE-588)128831952 aut Folkerts-Landau, David F. I. 1949- Verfasser (DE-588)128831936 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13197 (DE-604)BV002801238 13197 http://papers.nber.org/papers/w13197.pdf kostenfrei Volltext |
| spellingShingle | Dooley, Michael P. 1944- Garber, Peter M. 1947- Folkerts-Landau, David F. I. 1949- The two crises of international economics |
| title | The two crises of international economics |
| title_auth | The two crises of international economics |
| title_exact_search | The two crises of international economics |
| title_exact_search_txtP | The two crises of international economics |
| title_full | The two crises of international economics Michael P. Dooley ; Peter M. Garber ; David Folkerts-Landau |
| title_fullStr | The two crises of international economics Michael P. Dooley ; Peter M. Garber ; David Folkerts-Landau |
| title_full_unstemmed | The two crises of international economics Michael P. Dooley ; Peter M. Garber ; David Folkerts-Landau |
| title_short | The two crises of international economics |
| title_sort | the two crises of international economics |
| url | http://papers.nber.org/papers/w13197.pdf |
| volume_link | (DE-604)BV002801238 |
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