External Adjustment, Global Imbalances, Valuation Effects

Pierre-Olivier Gourinchas and Helene Rey

Department of Economics, Working Paper Series from Department of Economics, Institute for Business and Economic Research, UC Berkeley

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. © 2014 Elsevier B.V.

Keywords: Exchange rates; Current account; International capital flows; International monetary system (search for similar items in EconPapers)
Date: 2014-01-01
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Citations: View citations in EconPapers (102)

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Chapter: External Adjustment, Global Imbalances, Valuation Effects (2014)
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