Back to Global Imbalances?

The 2008-2009 financial crisis has shaken the prevailing equilibrium of the global economy, with a collapse in capital flows and international trade. How will the post-crisis constellation of current account imbalances look? Will the world resume f...

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Main Authors:	de la Torre, Augusto, Schmukler, Sergio L., Servén, Luis
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ADVANCED ECONOMIES AGGREGATE DEMAND APR ASSET HOLDINGS ASSET PRICES ASSET VALUES ASSETS BALANCE SHEET BANK BONDS BANK DEPOSITS BOND PRICES BORROWER BUFFERS CAPITAL FLOWS CAPITAL INFLOWS COMMODITY COMMODITY PRICES CORPORATE BONDS CREDIT FACILITIES CREDIT RISK CREDITOR CREDITWORTHINESS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DIFFERENT CURRENCIES DOWNWARD PRESSURE DURABLE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BONDS EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPANSIONARY POLICIES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET ACCUMULATION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN LENDERS FOREIGN STOCKS GDP GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL TRADE GOVERNMENT ACTIONS GOVERNMENT BOND HOLDINGS INDUSTRIAL COUNTRIES INFLATION INSURANCE INTEREST RATES INTERNATIONAL INVESTORS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL PORTFOLIOS INTERNATIONAL TRADE LENDER LENDER OF LAST RESORT MARKET HOLDINGS MONEY MARKET MONEY MARKET FUNDS NET DEBT PORTFOLIO PRIVATE CONSUMPTION REAL ESTATE REAL EXCHANGE RATE RESERVE CURRENCIES RESERVE CURRENCY RESERVES RETURN RISK AVERSION RISKY ASSETS SAFETY NETS SAVINGS SAVINGS RATES SECURITIES STOCK PRICES STOCKS SURPLUS SURPLUS COUNTRIES T-BILLS TRADE SURPLUSES TRADING TRADING PARTNERS TREASURY UNDERDEVELOPED COUNTRIES WEAK ASSET WEALTH WEALTH EFFECT WORLD ECONOMY
Online Access:	http://documents.worldbank.org/curated/en/2009/07/11953770/back-global-imbalances http://hdl.handle.net/10986/10976

id	okr-10986-10976
recordtype	oai_dc
spelling	okr-10986-109762021-04-23T14:02:53Z Back to Global Imbalances? de la Torre, Augusto Schmukler, Sergio L. Servén, Luis ADVANCED ECONOMIES AGGREGATE DEMAND APR ASSET HOLDINGS ASSET PRICES ASSET VALUES ASSETS BALANCE SHEET BANK BONDS BANK DEPOSITS BOND PRICES BORROWER BUFFERS CAPITAL FLOWS CAPITAL INFLOWS COMMODITY COMMODITY PRICES CORPORATE BONDS CREDIT FACILITIES CREDIT RISK CREDITOR CREDITWORTHINESS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DIFFERENT CURRENCIES DOWNWARD PRESSURE DURABLE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BONDS EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPANSIONARY POLICIES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET ACCUMULATION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN LENDERS FOREIGN STOCKS GDP GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL TRADE GOVERNMENT ACTIONS GOVERNMENT BOND HOLDINGS INDUSTRIAL COUNTRIES INFLATION INSURANCE INTEREST RATES INTERNATIONAL INVESTORS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL PORTFOLIOS INTERNATIONAL TRADE LENDER LENDER OF LAST RESORT MARKET HOLDINGS MONEY MARKET MONEY MARKET FUNDS NET DEBT PORTFOLIO PRIVATE CONSUMPTION REAL ESTATE REAL EXCHANGE RATE RESERVE CURRENCIES RESERVE CURRENCY RESERVES RETURN RISK AVERSION RISKY ASSETS SAFETY NETS SAVINGS SAVINGS RATES SECURITIES STOCK PRICES STOCKS SURPLUS SURPLUS COUNTRIES T-BILLS TRADE SURPLUSES TRADING TRADING PARTNERS TREASURY UNDERDEVELOPED COUNTRIES WEAK ASSET WEALTH WEALTH EFFECT WORLD ECONOMY The 2008-2009 financial crisis has shaken the prevailing equilibrium of the global economy, with a collapse in capital flows and international trade. How will the post-crisis constellation of current account imbalances look? Will the world resume financing the United States (US), and continue sustaining large external imbalances there? Contrary to what many expected, some forces unleashed by the crisis have kept US assets attractive and the dollar strong, decreasing the need for an immediate reduction of global imbalances. Over the long run, however, real sector and financial sector forces are likely to impose a correction, perhaps involving a depreciation of the dollar and a major reallocation of international portfolios. 2012-08-13T13:45:18Z 2012-08-13T13:45:18Z 2009-07 http://documents.worldbank.org/curated/en/2009/07/11953770/back-global-imbalances http://hdl.handle.net/10986/10976 English Latin America and the Caribbean Region (LCR) Crisis Briefs CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research Latin America & Caribbean
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ADVANCED ECONOMIES AGGREGATE DEMAND APR ASSET HOLDINGS ASSET PRICES ASSET VALUES ASSETS BALANCE SHEET BANK BONDS BANK DEPOSITS BOND PRICES BORROWER BUFFERS CAPITAL FLOWS CAPITAL INFLOWS COMMODITY COMMODITY PRICES CORPORATE BONDS CREDIT FACILITIES CREDIT RISK CREDITOR CREDITWORTHINESS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DIFFERENT CURRENCIES DOWNWARD PRESSURE DURABLE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BONDS EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPANSIONARY POLICIES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET ACCUMULATION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN LENDERS FOREIGN STOCKS GDP GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL TRADE GOVERNMENT ACTIONS GOVERNMENT BOND HOLDINGS INDUSTRIAL COUNTRIES INFLATION INSURANCE INTEREST RATES INTERNATIONAL INVESTORS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL PORTFOLIOS INTERNATIONAL TRADE LENDER LENDER OF LAST RESORT MARKET HOLDINGS MONEY MARKET MONEY MARKET FUNDS NET DEBT PORTFOLIO PRIVATE CONSUMPTION REAL ESTATE REAL EXCHANGE RATE RESERVE CURRENCIES RESERVE CURRENCY RESERVES RETURN RISK AVERSION RISKY ASSETS SAFETY NETS SAVINGS SAVINGS RATES SECURITIES STOCK PRICES STOCKS SURPLUS SURPLUS COUNTRIES T-BILLS TRADE SURPLUSES TRADING TRADING PARTNERS TREASURY UNDERDEVELOPED COUNTRIES WEAK ASSET WEALTH WEALTH EFFECT WORLD ECONOMY
spellingShingle	ADVANCED ECONOMIES AGGREGATE DEMAND APR ASSET HOLDINGS ASSET PRICES ASSET VALUES ASSETS BALANCE SHEET BANK BONDS BANK DEPOSITS BOND PRICES BORROWER BUFFERS CAPITAL FLOWS CAPITAL INFLOWS COMMODITY COMMODITY PRICES CORPORATE BONDS CREDIT FACILITIES CREDIT RISK CREDITOR CREDITWORTHINESS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DIFFERENT CURRENCIES DOWNWARD PRESSURE DURABLE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BONDS EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPANSIONARY POLICIES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET ACCUMULATION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN LENDERS FOREIGN STOCKS GDP GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL TRADE GOVERNMENT ACTIONS GOVERNMENT BOND HOLDINGS INDUSTRIAL COUNTRIES INFLATION INSURANCE INTEREST RATES INTERNATIONAL INVESTORS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL PORTFOLIOS INTERNATIONAL TRADE LENDER LENDER OF LAST RESORT MARKET HOLDINGS MONEY MARKET MONEY MARKET FUNDS NET DEBT PORTFOLIO PRIVATE CONSUMPTION REAL ESTATE REAL EXCHANGE RATE RESERVE CURRENCIES RESERVE CURRENCY RESERVES RETURN RISK AVERSION RISKY ASSETS SAFETY NETS SAVINGS SAVINGS RATES SECURITIES STOCK PRICES STOCKS SURPLUS SURPLUS COUNTRIES T-BILLS TRADE SURPLUSES TRADING TRADING PARTNERS TREASURY UNDERDEVELOPED COUNTRIES WEAK ASSET WEALTH WEALTH EFFECT WORLD ECONOMY de la Torre, Augusto Schmukler, Sergio L. Servén, Luis Back to Global Imbalances?
geographic_facet	Latin America & Caribbean
relation	Latin America and the Caribbean Region (LCR) Crisis Briefs
description	The 2008-2009 financial crisis has shaken the prevailing equilibrium of the global economy, with a collapse in capital flows and international trade. How will the post-crisis constellation of current account imbalances look? Will the world resume financing the United States (US), and continue sustaining large external imbalances there? Contrary to what many expected, some forces unleashed by the crisis have kept US assets attractive and the dollar strong, decreasing the need for an immediate reduction of global imbalances. Over the long run, however, real sector and financial sector forces are likely to impose a correction, perhaps involving a depreciation of the dollar and a major reallocation of international portfolios.
format	Publications & Research :: Brief
author	de la Torre, Augusto Schmukler, Sergio L. Servén, Luis
author_facet	de la Torre, Augusto Schmukler, Sergio L. Servén, Luis
author_sort	de la Torre, Augusto
title	Back to Global Imbalances?
title_short	Back to Global Imbalances?
title_full	Back to Global Imbalances?
title_fullStr	Back to Global Imbalances?
title_full_unstemmed	Back to Global Imbalances?
title_sort	back to global imbalances?
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2009/07/11953770/back-global-imbalances http://hdl.handle.net/10986/10976
_version_	1764415065501466624

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