Global Imbalances and External Adjustment after the Crisis:

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 a...

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Bibliographic Details
Main Author: Lane, Philip R. (Author)
Format: Electronic eBook
Language:English
Published: Washington, D.C International Monetary Fund 2014
Series:IMF Working Papers Working Paper No. 14/151
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Summary: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
Physical Description:1 Online-Ressource (45 p)
ISBN:1498339212
9781498339216

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