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Global Imbalances and Foreign Asset Expansion by Developing Economy Central Banks

Joseph Gagnon

No WP12-5, Working Paper Series from Peterson Institute for International Economics

Abstract: Over the past 10 years, central banks and governments throughout the developing world have accumulated foreign exchange reserves and other official assets at an unprecedented rate. This paper shows that this official asset accumulation has driven a substantial portion of the recent large global current account imbalances. These net official capital flows have become large relative to the size of the industrial economies, and they are a significant factor contributing to the weakness of the economic recovery in the major industrial economies.

Keywords: current account; foreign exchange reserves (search for similar items in EconPapers)
JEL-codes: F30 F31 F32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-ifn and nep-opm
Date: 2012-03
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