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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 adjustment over 2008-...

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Bibliographic Details
Main Author: Lane, Philip
Other Authors: Milesi-Ferretti, Gian
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2014
Series:IMF Working Papers
Subjects:
Economic & Financial Crises & Disasters
Investments, Foreign
Short-term Capital Movements
Current Account
Financial Crises
Current Account Imbalances
Current Account Adjustment
Balance Of Payments
Long-term Capital Movements
External Position
Currency
Exports And Imports
International Economics
Foreign Assets
Foreign Exchange
Current Account Balance
Real Exchange Rates
Financial Risk Management
International Investment
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
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:45 pages
ISBN:9781498339216

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