External Adjustment, Global Imbalances and Valuation Effects

Helene Rey and Pierre-Olivier Gourinchas

No 9566, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: 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.

Keywords: Capital flows; International finance; International monetary system (search for similar items in EconPapers)
JEL-codes: F32 F33 F41 F42 (search for similar items in EconPapers)
Date: 2013-07
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Citations: View citations in EconPapers (67)

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Working Paper: External Adjustment, Global Imbalances and Valuation Effects (2013)
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