Financial Flows, Financial Crises, and Global Imbalances

Maurice Obstfeld

No 8611, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: In this lecture I document the proliferation of gross international asset and liability positions and discuss some of the consequences for individual countries? external adjustment processes and for global financial stability. In light of the rapid growth of gross global financial flows and the serious risks associated with them, one might wonder about the continuing relevance of the net financial flow measured by the current account balance. I argue that global current account imbalances remain an essential target for policy scrutiny, for financial as well as macroeconomic reasons. Nonetheless, it is critically important for policymakers to monitor as well the rapidly evolving structure of global gross assets and liabilities.

Keywords: International financial flows; International asset positions; Current account balance; Global imbalances; Financial instability (search for similar items in EconPapers)
JEL-codes: F32 F34 F36 (search for similar items in EconPapers)
Date: 2011-10
New Economics Papers: this item is included in nep-cba, nep-ifn and nep-opm
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Citations: View citations in EconPapers (18)

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Journal Article: Financial flows, financial crises, and global imbalances (2012)
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