The macroeconomic policy challenges of continued globalisation:
This article investigates the macroeconomic policy challenges associated with a prospective continuation of international trade and financial integration over the next two decades, making use of a global macroeconomic model newly developed by the OECD. The analysis has several important policy impli...
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| Weitere Verfasser: | , , |
| Format: | Elektronisch Buchkapitel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2008
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| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | This article investigates the macroeconomic policy challenges associated with a prospective continuation of international trade and financial integration over the next two decades, making use of a global macroeconomic model newly developed by the OECD. The analysis has several important policy implications. First, with the shares of non-OECD economies in world output, trade, and capital markets rising substantially, global economic developments would become much more dependent on developments in these economies than they used to be. Second, the sustainability of existing global current account imbalances will depend in part on the future build-up and composition of international assets and liabilities. While the imbalances could be sustainable for some time if economic integration continues at its current pace, a slowdown of the globalisation process would raise the likelihood of a disruptive adjustment in financial markets. Third, the increase in trade and financial linkages implies that macroeconomic shocks in a given country or region have a larger impact on other economies in the future than they do today. Policymakers in the OECD may have to act more promptly and more vigorously to economic "shocks" in the non-OECD economies in order to limit the impact on OECD economies |
| Beschreibung: | 1 Online-Ressource (52 Seiten) |
| DOI: | 10.1787/eco_studies-v2008-art5-en |
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| doi_str_mv | 10.1787/eco_studies-v2008-art5-en |
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| spelling | Hervé, Karine Verfasser aut The macroeconomic policy challenges of continued globalisation Karine Hervé ... [et al] Paris OECD Publishing 2008 1 Online-Ressource (52 Seiten) txt rdacontent c rdamedia cr rdacarrier This article investigates the macroeconomic policy challenges associated with a prospective continuation of international trade and financial integration over the next two decades, making use of a global macroeconomic model newly developed by the OECD. The analysis has several important policy implications. First, with the shares of non-OECD economies in world output, trade, and capital markets rising substantially, global economic developments would become much more dependent on developments in these economies than they used to be. Second, the sustainability of existing global current account imbalances will depend in part on the future build-up and composition of international assets and liabilities. While the imbalances could be sustainable for some time if economic integration continues at its current pace, a slowdown of the globalisation process would raise the likelihood of a disruptive adjustment in financial markets. Third, the increase in trade and financial linkages implies that macroeconomic shocks in a given country or region have a larger impact on other economies in the future than they do today. Policymakers in the OECD may have to act more promptly and more vigorously to economic "shocks" in the non-OECD economies in order to limit the impact on OECD economies Economics Koske, Isabell ctb Pain, Nigel ctb Sédillot, Franck ctb https://doi.org/10.1787/eco_studies-v2008-art5-en Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Hervé, Karine The macroeconomic policy challenges of continued globalisation Economics |
| title | The macroeconomic policy challenges of continued globalisation |
| title_auth | The macroeconomic policy challenges of continued globalisation |
| title_exact_search | The macroeconomic policy challenges of continued globalisation |
| title_exact_search_txtP | The macroeconomic policy challenges of continued globalisation |
| title_full | The macroeconomic policy challenges of continued globalisation Karine Hervé ... [et al] |
| title_fullStr | The macroeconomic policy challenges of continued globalisation Karine Hervé ... [et al] |
| title_full_unstemmed | The macroeconomic policy challenges of continued globalisation Karine Hervé ... [et al] |
| title_short | The macroeconomic policy challenges of continued globalisation |
| title_sort | the macroeconomic policy challenges of continued globalisation |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/eco_studies-v2008-art5-en |
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