Adjustment Of External Imbalances

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Global Imbalances And External Adjustment After The Crisis

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Author : Mr.Philip R. Lane
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-12

Global Imbalances And External Adjustment After The Crisis written by Mr.Philip R. Lane and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-12 with Business & Economics categories.

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.

Predicting External Imbalances For The United States And Japan

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Author : William R. Cline
language : en
Publisher: Peterson Institute for International Economics
Release Date : 1995

Predicting External Imbalances For The United States And Japan written by William R. Cline and has been published by Peterson Institute for International Economics this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.

External Adjustment Global Imbalances And Valuation Effects

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Author : Pierre-Olivier Gourinchas
language : en
Publisher:
Release Date : 2013

External Adjustment Global Imbalances And Valuation Effects written by Pierre-Olivier Gourinchas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Balance of payments categories.

We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in size and discuss implications for the international monetary and financial system.

The International Adjustment Process

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Author : D.E. Fair
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

The International Adjustment Process written by D.E. Fair and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

The papers collected in this volume are those presented at the fourteenth Colloquium arranged by the Societe Universitaire Europeenne de Recher ches Financieres (SUERF), which took place in Helsinki in May 1988. The Society is supported by a large number of central banks and commercial banks, by other financial and business institutions and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963 it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted, on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title "Monetary Policy and New Developments in Banking" and at Strasbourg, France in January 1972 under the title "Aspects of European Monetary Union".

External Imbalances And Fiscal Policy In The Group Of Three Countries

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-10-04

External Imbalances And Fiscal Policy In The Group Of Three Countries written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-10-04 with Business & Economics categories.

This paper discusses recent empirical research on the interplay between fiscal policies and external imbalances in the G3 countries, focusing on the stock-flow dynamics of public and foreign deficits and debt accumulation.

Adjustment Of External Imbalances

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Author : Ruizhi Xie
language : en
Publisher:
Release Date : 2011

Adjustment Of External Imbalances written by Ruizhi Xie and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Foreign exchange rates categories.

This thesis investigates the nature of the dynamic relationship between external balances and exchange rate dynamics in a macroeconomy. Specifically, this study focuses on how various measures of external balances serve as economic buffers to mitigate the effect of exchange rate shock to the economy. It examines the dynamic relationship between external balances and exchange rate shock via the application of cointegrated vector autoregression method and innovation accounting with generalized impulse responses and forecast error variance decompositions. The data sample spans the period 1986-2008 and includes three important developing countries: Brazil, China and India. Empirical evidence shows that for China and India, understanding of the exchange rate dynamics is helpful in predicting the movement of external balances. But for Brazil, the reverse path is true. Results of generalized impulse responses suggest that external balances demonstrate a predictable and systematic pattern after a one-time exchange rate shock. Specifically, the results indicate that exchange rate shock generates a positive response in current account adjustment and has a negative impact on capital gains. The latter soon gives rise to a small drop in current account balance due to temporary income shock and capital mobility. Taking account of the overall current account and capital gains adjustment (one positive and one negative), change in net foreign assets (NFA) position is largely cushioned from exchange rate shock. Integrating the results of generalized impulse responses and Granger causality tests, it is easy to find that there exists a feedback mechanism which significantly contributes to the adjustment of external imbalances. Moreover, terms of trade and domestic productivity serve as transmission channels which play a critical role in the system. From a policy perspective, in coping with enlarged global imbalances, exchange rate as well as terms of trade and domestic productivity should receive more attention in policy decisions to stabilize the economy.

Progress Towards External Adjustment In The Euro Area Periphery And The Baltics

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Author : Mr.Joong S Kang
language : en
Publisher: International Monetary Fund
Release Date : 2014-07-22

Progress Towards External Adjustment In The Euro Area Periphery And The Baltics written by Mr.Joong S Kang and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-22 with Business & Economics categories.

The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to the crisis, needed adjustment of relative prices to achieve both internal and external balances. Thus far, tangible progress has been made through lower wages and/or higher productivity relative to trading partners (“internal devaluation”), which contributed to narrowing current account deficits and shifting output towards the tradables sector. While some early adjusters cut wages more rapidly followed by productivity improvement, others have only slowly improved productivity largely through labor shedding. This adjustment for most countries has come along with a substantial recession as the unit labor cost improvement has largely come from falling employment and much of the current account improvement from import compression. Going forward, these countries still need to generate growing tradables sector employment and to continue adjustment to prevent imbalances from returning as output gaps close.

Determinants Of External Imbalances

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Author : Leonardo Leiderman
language : en
Publisher:
Release Date : 1991

Determinants Of External Imbalances written by Leonardo Leiderman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Balance of payments categories.

This paper develops and estimates a dynamic optimizing model of the current account. The model focuses, on real factors that determine the evolution of saving and investment, and hence the external balance. Three types of shocks are at the center of the analysis: productivity shocks, shocks to labor input, and tax policy shocks. While our approach is in line with the real business cycle models of the current account, the distinguishing feature of the work is the application of econometric methods to time series data for a small open economy so as to directly estimate the parameters governing saving and investment under rational expectations restrictions.

External Adjustment

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Author : Maurice Obstfeld
language : en
Publisher:
Release Date : 2004

External Adjustment written by Maurice Obstfeld and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Balance of trade categories.

"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

Postponing Global Adjustment

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Author : Edwin M. Truman
language : en
Publisher:
Release Date : 2005

Postponing Global Adjustment written by Edwin M. Truman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Balance of payments categories.