Global imbalances: build-up, unwinding and financial aspects
Antoine Berthou (),
Matthieu Bussiere (),
Laurent Ferrara (),
Sophie Haincourt (),
Francesco Pappadà and
Julia Schmidt ()
Quarterly selection of articles - Bulletin de la Banque de France, 2018, issue 220, 12
The 2007-09 financial crisis led to major corrections in global current accounts. However, “global imbalances” persist, raising concerns among economic policymakers. This article focuses on two key aspects of these imbalances. The first part describes how they have evolved over the recent period and how their correction has proved costly, given the required major adjustments in real exchange rates. The second part of the article provides detailed statistics on the size and composition of net and gross international investment positions. Due to the large size of gross positions, the income account has become more important for current account dynamics, contributing to the persistence of global imbalances.
JEL-codes: F14 F32 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:quarte:2018:220:06
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