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External Adjustment, Global Imbalances, Valuation Effects

Pierre-Olivier Gourinchas () and Rey, Hélène

Chapter Chapter 10 in Handbook of International Economics, 2014, vol. 4, pp 585-645 from Elsevier

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: Exchange rates; Current account; International capital flows; International monetary system (search for similar items in EconPapers)
JEL-codes: F21 F3 F33 F36 F4 F41 G01 G15 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1016/B978-0-444-54314-1.00010-0

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