Europe and Global Imbalances - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Europe and Global Imbalances write by Philip R. Lane. This book was released on 2007-06. Europe and Global Imbalances available in PDF, EPUB and Kindle. Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.
Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe
Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe write by Ariane Hillig. This book was released on 2014-03-10. Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe available in PDF, EPUB and Kindle. Introduction: Problem and Objective: ‘The economic health of every country is a proper matter of concern to all its neighbors, near and far.’ Franklin D. Roosevelt. This quotation reflects the importance of economic imbalances for the global economic environment. As seen in the past, huge economic imbalances of emerging countries have resulted in a number of crises such as the Mexican tequila crisis, Asian crisis or the Argentine crisis. In the past ten years, major economic imbalances have been concentrating among a small number of countries. The main deficit countries such as USA and Spain have been mirrored by current account surplus countries in Asia, Middle East as well as in Europe. Already in 2004, the persistency and growing size of the global imbalances have led to the speculation about a disorderly unwinding in the future. In 2007, the global financial crisis started in USA and rapidly spread across major economies due to the high financial integration. Out of the financial crisis, the current eurozone crisis developed which is posing a major threat to the global economy. ‘Global imbalances can be defined as widening external positions of systemically important economies that reflect distortions or entail risks for the global economy.’ External positions are shown in the current accounts which show huge deficits or surpluses caused by distortions or/and pose a risk for the global economy. Distortions can arise due to policy decisions taken by the public or private sector. The current account development of a single European country does not fit the definition, but a country’s possible contagion effect in case of a crisis and the overall European development is systemically important and poses a significant risk to the global economy. Hence, in the author’s point-of-view the current account development from US-Asia as well as the intra-euro economic imbalances can be considered as global imbalances. [...]
The EU’s Role in Fighting Global Imbalances
The EU’s Role in Fighting Global Imbalances - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The EU’s Role in Fighting Global Imbalances write by Antonina Bakardjieva Engelbrekt. This book was released on 2015-11-27. The EU’s Role in Fighting Global Imbalances available in PDF, EPUB and Kindle. The EU’s Role in Fighting Global Imbalances looks at the role of the European Union in addressing some of the greatest challenges of our time: poverty, protectionism, climate change, and human trafficking. The recent crisis has depleted the Union’s economic and political resources. At the same time the Union is, like never before, expected to confront these global challenges on the world political arena, where new regional power centres are establishing themselves. Based on a broad and interdisciplinary understanding of the concept of global imbalances, this book argues that these challenges follow from pervasive global imbalances, which at root are economic, political, and legal in character. Contributions from ten leading scholars in the fields of economics, law, and political science provide in-depth analyses of three key dimensions of EU foreign policy, namely: the internal challenges facing the EU, as its 28 member countries struggle to coordinate their actions; the external challenges facing the EU on the global arena, in areas where global imbalances are particularly pervasive, and where measures taken by the Union can have an important impact; and the EU´s performance on the global arena, in the eyes of other key actors. This policy-oriented, interdisciplinary volume offers real insight into the European Union and its role in global affairs and will appeal to academics and policy-makers alike.
Global Imbalances and External Adjustment after the Crisis
Global Imbalances and External Adjustment after the Crisis - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Global Imbalances and External Adjustment after the Crisis write by Mr.Philip R. Lane. This book was released on 2014-08-12. Global Imbalances and External Adjustment after the Crisis available in PDF, EPUB and Kindle. 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.
Global Imbalances and the Financial Crisis
Global Imbalances and the Financial Crisis - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Global Imbalances and the Financial Crisis write by Steven Vincent Dunaway. This book was released on 2009. Global Imbalances and the Financial Crisis available in PDF, EPUB and Kindle. Crafting stimulus packages and financial bailouts to address immediate problems has for many reasons been a priority for policymakers. In this Council Special Report, however, Steven Dunaway argues that policymakers must go beyond these steps and tackle one of the root causes of today's crisis: imbalances between savings and investment in major countries. The report analyzes the nature of these imbalances, which occur when some countries, such as the United States, run large current account (essentially trade) deficits while others, such as China, maintain large surpluses. Dunaway identifies three features of the international financial system that have allowed the imbalances to persist, features that involve both floating and managed exchange rates as well as the issuance of reserve assets. In particular, he notes that the United States' status as an issuer of such assets has enabled it to finance a current account deficit. The report then prescribes a variety of steps to address global imbalances. Beyond stimulus packages around the world, it urges measures to raise savings (principally government savings) in the United States, reform labor and product markets in Europe and Japan to increase competition and flexibility, and boost domestic consumption in China. Finally, the report advocates improving International Monetary Fund (IMF) surveillance of member states' economic policies by reducing the role of the Fund's executive board and depoliticizing the selection of its senior management.
