Causes and Consequences of Global Imbalances: Perspective from Developing Asia

Charles Adams and Donghyun Park
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Charles Adams: National University of Singapore

No 157, ADB Economics Working Paper Series from Asian Development Bank

Abstract: Global current account imbalances are one of the key macroeconomic imbalances that underlie the global financial crisis. The central objective of this paper is to analyze the causes and consequences of global imbalances from the perspective of developing Asia. More specifically, we examine the root causes of the large and persistent current account surpluses that have emerged in the region since the Asian crisis. We also explore the consequences of global imbalances for the region, in terms of welfare and economic growth. Based on our analysis, we recommend a number of concrete policy directions to help Asia rebalance its demand and growth toward domestic sources.

Keywords: Global imbalances; current account; global financial crisis; rebalancing; Asia (search for similar items in EconPapers)
JEL-codes: F32 F41 F43 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2009-04
New Economics Papers: this item is included in nep-opm and nep-sea
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Citations: View citations in EconPapers (20)

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Related works:
Journal Article: Causes and Consequences of Global Imbalances: Perspective from Developing Asia (2009)
Journal Article: Causes and Consequences of Global Imbalances: Perspective from Developing Asia (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ris:adbewp:0157

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