Global Imbalances-Just How Dangerous?

Bruce Little and Robert Lafrance
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Robert Lafrance: Bank of Canada, http://www.bankofcanada.ca/

Bank of Canada Review, 2006, vol. 2006, issue Spring, pages 3-13

Abstract: The combination of rising current account surpluses in Asia and a growing current account deficit in the United States has raised concerns that the resulting imbalances pose a threat to the world economy, especially if they are reversed in a disorderly manner. Some experts believe that normal market forces will resolve these imbalances over time; others argue that policy-makers should facilitate the adjustment with policies that curb domestic demand in deficit countries and stimulate it in surplus countries. Little and Lafrance provide a guide to the major issues and controversies involved in the debate.

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