Short Circuits

Brendan Brown

Chapter 4 in What Drives Global Capital Flows?, 2006, pp 94-119 from Palgrave Macmillan

Abstract: Abstract Ever since the great debates about German Reparations in the 1920s, there has been an intermittent current of concern in the international economic literature about whether under certain circumstances general equilibrium in the global economy might be unattainable. Specifically, could there be no combination of interest rates and exchange rates (spot, forward, and expected) at which each and every major economy would be in internal balance and where there would be a stream of net capital flows between them (over time) in line with their respective savings surpluses and deficits (with total net capital flows adding up to zero) both in the present and in the future?

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Real Exchange Rate; Exchange Rate Regime (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62729-1_4

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DOI: 10.1057/9780230627291_4

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