Remarks for Yale Workshop on Global Trends and Challenges : Understanding Global Imbalances

This paper argues that global imbalances in current account positions are a natural consequence of globalization of financial markets and of demographic trends, particularly in Europe and in East Asia. Those societies are aging rapidly, with declin...

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Main Author:	Cooper, Richard N.
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	ACCOUNTING ASSETS BALANCE OF PAYMENTS BALANCE SHEETS BONDS BUDGET DEFICITS CAPITAL GAINS CAPITAL GAINS ON EQUITIES CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CAPITAL OUTFLOW CAPITAL STOCK CENTRAL BANK CENTRAL BANKS COMPARATIVE ADVANTAGE CONSOLIDATION CONSUMER CREDIT CONSUMER DURABLES CONSUMERS CORPORATE SAVINGS CURRENCY CURRENCY APPRECIATION CURRENCY APPRECIATIONS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT POSITIONS CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT INSTRUMENTS DEBT OBLIGATIONS DEBTOR DEMOGRAPHIC DEMOGRAPHIC CHANGE DEPRECIATION DERIVATIVES DEVELOPING COUNTRIES DEVELOPING COUNTRY DIRECT INVESTMENT DISTRIBUTION OF WEALTH DIVIDENDS DOLLAR VALUES DOMESTIC DEMAND DYNAMIC ECONOMY ECONOMIC ASSUMPTIONS ECONOMIC DOWNTURN ECONOMIC GROWTH ECONOMIC RECESSION ECONOMIC RESEARCH ECONOMIC SIZE ENVIRONMENTAL BENEFITS EQUIPMENT EQUITY INVESTMENT EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURES EXPORT DIVERSIFICATION EXPORTS EXTERNAL INDEBTEDNESS FACTORS OF PRODUCTION FEDERAL BUDGET FEDERAL RESERVE FINANCIAL ASSETS FINANCIAL CLAIMS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL CONSOLIDATION FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FLOW OF FUNDS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CLAIMS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN FUNDS FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN OWNERSHIP GDP GLOBAL IMBALANCES GLOBALIZATION GOVERNMENT DEFICITS GOVERNMENT REVENUE GRAVITY MODEL GRAVITY MODELS GROWTH THEORY HIGH CAPITAL MOBILITY HOME COUNTRIES HOME CURRENCIES HOME EQUITY HOME EQUITY LOANS HOUSEHOLD SAVINGS IMBALANCE IMPORT IMPORT DEMAND IMPORTS INCOME STREAM INCOMES INDEBTEDNESS INSTITUTIONAL ARRANGEMENTS INTANGIBLE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL COMPETITIVENESS INTERNATIONAL DEVELOPMENT INTERNATIONAL ECONOMICS INTERNATIONAL INVESTMENT INVESTING INVESTMENT EFFICIENCY INVESTMENT INCOME INVESTMENT OPPORTUNITIES INVESTMENT RATES JUDGE JUDGMENT KNOWLEDGE ECONOMY LABOR FORCE LIQUIDITY LOW-INCOME COUNTRIES MACROECONOMIC POLICY MAJOR CURRENCIES MANDATE MARKET EXCHANGE RATES MARKET VALUE MARKETABLE SECURITIES MONETARY AUTHORITIES MONETARY POLICY MORTGAGE MORTGAGE LENDING MORTGAGES NATIONAL ECONOMIES NATIONAL SAVING NATIONAL SAVINGS NATURAL RESOURCES NEW PRODUCTS OIL EXPORTERS OIL PRICES OTHER CURRENCIES OUTPUT OUTSTANDING CLAIMS PASSIVE INVESTORS PAYMENTS CRISES PENSION PER CAPITA INCOME PER CAPITA INCOMES PORTFOLIO PORTFOLIO EQUITY POVERTY REDUCTION PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATE SAVING PRODUCTIVE INVESTMENT PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC DEFICIT PUBLIC PENSION PUBLIC SAVING RAPID ECONOMIC GROWTH RAPID GROWTH REAL EXCHANGE RATES RECESSION REMOTE LOCATION RETIREMENT AGE RETURN RETURNS RISK AVERSE RISK AVERSION RISK EQUITY SAVINGS RATES SECURITIES SETTLEMENT SLOWDOWN STOCKS SURPLUS TECHNOLOGICAL CHANGE TRADE DEFICIT TREASURY TREASURY SECURITIES UNCERTAINTY UNFUNDED PENSION VALUATION VALUATION CHANGES VALUATIONS VOLATILITY WORLD ECONOMY WORLD FINANCIAL MARKETS
Online Access:	http://documents.worldbank.org/curated/en/493151468330980345/Remarks-for-Yale-workshop-on-global-trends-and-challenges-understanding-global-imbalances http://hdl.handle.net/10986/27935

id	okr-10986-27935
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING ASSETS BALANCE OF PAYMENTS BALANCE SHEETS BONDS BUDGET DEFICITS CAPITAL GAINS CAPITAL GAINS ON EQUITIES CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CAPITAL OUTFLOW CAPITAL STOCK CENTRAL BANK CENTRAL BANKS COMPARATIVE ADVANTAGE CONSOLIDATION CONSUMER CREDIT CONSUMER DURABLES CONSUMERS CORPORATE SAVINGS CURRENCY CURRENCY APPRECIATION CURRENCY APPRECIATIONS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT POSITIONS CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT INSTRUMENTS DEBT OBLIGATIONS DEBTOR DEMOGRAPHIC DEMOGRAPHIC CHANGE DEPRECIATION DERIVATIVES DEVELOPING COUNTRIES DEVELOPING COUNTRY DIRECT INVESTMENT DISTRIBUTION OF WEALTH DIVIDENDS DOLLAR VALUES DOMESTIC DEMAND DYNAMIC ECONOMY ECONOMIC ASSUMPTIONS ECONOMIC DOWNTURN ECONOMIC GROWTH ECONOMIC RECESSION ECONOMIC RESEARCH ECONOMIC SIZE ENVIRONMENTAL BENEFITS EQUIPMENT EQUITY INVESTMENT EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURES EXPORT DIVERSIFICATION EXPORTS EXTERNAL INDEBTEDNESS FACTORS OF PRODUCTION FEDERAL BUDGET FEDERAL RESERVE FINANCIAL ASSETS FINANCIAL CLAIMS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL CONSOLIDATION FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FLOW OF FUNDS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CLAIMS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN FUNDS FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN OWNERSHIP GDP GLOBAL IMBALANCES GLOBALIZATION GOVERNMENT DEFICITS GOVERNMENT REVENUE GRAVITY MODEL GRAVITY MODELS GROWTH THEORY HIGH CAPITAL MOBILITY HOME COUNTRIES HOME CURRENCIES HOME EQUITY HOME EQUITY LOANS HOUSEHOLD SAVINGS IMBALANCE IMPORT IMPORT DEMAND IMPORTS INCOME STREAM INCOMES INDEBTEDNESS INSTITUTIONAL ARRANGEMENTS INTANGIBLE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL COMPETITIVENESS INTERNATIONAL DEVELOPMENT INTERNATIONAL ECONOMICS INTERNATIONAL INVESTMENT INVESTING INVESTMENT EFFICIENCY INVESTMENT INCOME INVESTMENT OPPORTUNITIES INVESTMENT RATES JUDGE JUDGMENT KNOWLEDGE ECONOMY LABOR FORCE LIQUIDITY LOW-INCOME COUNTRIES MACROECONOMIC POLICY MAJOR CURRENCIES MANDATE MARKET EXCHANGE RATES MARKET VALUE MARKETABLE SECURITIES MONETARY AUTHORITIES MONETARY POLICY MORTGAGE MORTGAGE LENDING MORTGAGES NATIONAL ECONOMIES NATIONAL SAVING NATIONAL SAVINGS NATURAL RESOURCES NEW PRODUCTS OIL EXPORTERS OIL PRICES OTHER CURRENCIES OUTPUT OUTSTANDING CLAIMS PASSIVE INVESTORS PAYMENTS CRISES PENSION PER CAPITA INCOME PER CAPITA INCOMES PORTFOLIO PORTFOLIO EQUITY POVERTY REDUCTION PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATE SAVING PRODUCTIVE INVESTMENT PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC DEFICIT PUBLIC PENSION PUBLIC SAVING RAPID ECONOMIC GROWTH RAPID GROWTH REAL EXCHANGE RATES RECESSION REMOTE LOCATION RETIREMENT AGE RETURN RETURNS RISK AVERSE RISK AVERSION RISK EQUITY SAVINGS RATES SECURITIES SETTLEMENT SLOWDOWN STOCKS SURPLUS TECHNOLOGICAL CHANGE TRADE DEFICIT TREASURY TREASURY SECURITIES UNCERTAINTY UNFUNDED PENSION VALUATION VALUATION CHANGES VALUATIONS VOLATILITY WORLD ECONOMY WORLD FINANCIAL MARKETS
spellingShingle	ACCOUNTING ASSETS BALANCE OF PAYMENTS BALANCE SHEETS BONDS BUDGET DEFICITS CAPITAL GAINS CAPITAL GAINS ON EQUITIES CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CAPITAL OUTFLOW CAPITAL STOCK CENTRAL BANK CENTRAL BANKS COMPARATIVE ADVANTAGE CONSOLIDATION CONSUMER CREDIT CONSUMER DURABLES CONSUMERS CORPORATE SAVINGS CURRENCY CURRENCY APPRECIATION CURRENCY APPRECIATIONS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT POSITIONS CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT INSTRUMENTS DEBT OBLIGATIONS DEBTOR DEMOGRAPHIC DEMOGRAPHIC CHANGE DEPRECIATION DERIVATIVES DEVELOPING COUNTRIES DEVELOPING COUNTRY DIRECT INVESTMENT DISTRIBUTION OF WEALTH DIVIDENDS DOLLAR VALUES DOMESTIC DEMAND DYNAMIC ECONOMY ECONOMIC ASSUMPTIONS ECONOMIC DOWNTURN ECONOMIC GROWTH ECONOMIC RECESSION ECONOMIC RESEARCH ECONOMIC SIZE ENVIRONMENTAL BENEFITS EQUIPMENT EQUITY INVESTMENT EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURES EXPORT DIVERSIFICATION EXPORTS EXTERNAL INDEBTEDNESS FACTORS OF PRODUCTION FEDERAL BUDGET FEDERAL RESERVE FINANCIAL ASSETS FINANCIAL CLAIMS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL CONSOLIDATION FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FLOW OF FUNDS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CLAIMS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN FUNDS FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN OWNERSHIP GDP GLOBAL IMBALANCES GLOBALIZATION GOVERNMENT DEFICITS GOVERNMENT REVENUE GRAVITY MODEL GRAVITY MODELS GROWTH THEORY HIGH CAPITAL MOBILITY HOME COUNTRIES HOME CURRENCIES HOME EQUITY HOME EQUITY LOANS HOUSEHOLD SAVINGS IMBALANCE IMPORT IMPORT DEMAND IMPORTS INCOME STREAM INCOMES INDEBTEDNESS INSTITUTIONAL ARRANGEMENTS INTANGIBLE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL COMPETITIVENESS INTERNATIONAL DEVELOPMENT INTERNATIONAL ECONOMICS INTERNATIONAL INVESTMENT INVESTING INVESTMENT EFFICIENCY INVESTMENT INCOME INVESTMENT OPPORTUNITIES INVESTMENT RATES JUDGE JUDGMENT KNOWLEDGE ECONOMY LABOR FORCE LIQUIDITY LOW-INCOME COUNTRIES MACROECONOMIC POLICY MAJOR CURRENCIES MANDATE MARKET EXCHANGE RATES MARKET VALUE MARKETABLE SECURITIES MONETARY AUTHORITIES MONETARY POLICY MORTGAGE MORTGAGE LENDING MORTGAGES NATIONAL ECONOMIES NATIONAL SAVING NATIONAL SAVINGS NATURAL RESOURCES NEW PRODUCTS OIL EXPORTERS OIL PRICES OTHER CURRENCIES OUTPUT OUTSTANDING CLAIMS PASSIVE INVESTORS PAYMENTS CRISES PENSION PER CAPITA INCOME PER CAPITA INCOMES PORTFOLIO PORTFOLIO EQUITY POVERTY REDUCTION PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATE SAVING PRODUCTIVE INVESTMENT PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC DEFICIT PUBLIC PENSION PUBLIC SAVING RAPID ECONOMIC GROWTH RAPID GROWTH REAL EXCHANGE RATES RECESSION REMOTE LOCATION RETIREMENT AGE RETURN RETURNS RISK AVERSE RISK AVERSION RISK EQUITY SAVINGS RATES SECURITIES SETTLEMENT SLOWDOWN STOCKS SURPLUS TECHNOLOGICAL CHANGE TRADE DEFICIT TREASURY TREASURY SECURITIES UNCERTAINTY UNFUNDED PENSION VALUATION VALUATION CHANGES VALUATIONS VOLATILITY WORLD ECONOMY WORLD FINANCIAL MARKETS Cooper, Richard N. Remarks for Yale Workshop on Global Trends and Challenges : Understanding Global Imbalances
relation	Commission on Growth and Development Working Paper;No. 55
description	This paper argues that global imbalances in current account positions are a natural consequence of globalization of financial markets and of demographic trends, particularly in Europe and in East Asia. Those societies are aging rapidly, with declining numbers of young adults. On both counts savings should be high and investment weak, resulting in excess saving. With globalization of capital markets, this excess saving will naturally seek secure investment opportunities abroad. The U.S. economy, where demographic trends are markedly different (due in part to immigration of young adults), offers a good combination of yield, liquidity, and security for this excess savings, which in time will be liquidated to finance consumption in old age. Thus the large 'imbalance' does not obviously reflect disequilibria in the world economy, but rather a current phase of intertemporal trade.
format	Working Paper
author	Cooper, Richard N.
author_facet	Cooper, Richard N.
author_sort	Cooper, Richard N.
title	Remarks for Yale Workshop on Global Trends and Challenges : Understanding Global Imbalances
title_short	Remarks for Yale Workshop on Global Trends and Challenges : Understanding Global Imbalances
title_full	Remarks for Yale Workshop on Global Trends and Challenges : Understanding Global Imbalances
title_fullStr	Remarks for Yale Workshop on Global Trends and Challenges : Understanding Global Imbalances
title_full_unstemmed	Remarks for Yale Workshop on Global Trends and Challenges : Understanding Global Imbalances
title_sort	remarks for yale workshop on global trends and challenges : understanding global imbalances
publisher	World Bank, Washington, DC
publishDate	2017
url	http://documents.worldbank.org/curated/en/493151468330980345/Remarks-for-Yale-workshop-on-global-trends-and-challenges-understanding-global-imbalances http://hdl.handle.net/10986/27935
_version_	1764465528307449856
spelling	okr-10986-279352021-04-23T14:04:45Z Remarks for Yale Workshop on Global Trends and Challenges : Understanding Global Imbalances Cooper, Richard N. ACCOUNTING ASSETS BALANCE OF PAYMENTS BALANCE SHEETS BONDS BUDGET DEFICITS CAPITAL GAINS CAPITAL GAINS ON EQUITIES CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CAPITAL OUTFLOW CAPITAL STOCK CENTRAL BANK CENTRAL BANKS COMPARATIVE ADVANTAGE CONSOLIDATION CONSUMER CREDIT CONSUMER DURABLES CONSUMERS CORPORATE SAVINGS CURRENCY CURRENCY APPRECIATION CURRENCY APPRECIATIONS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT POSITIONS CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT INSTRUMENTS DEBT OBLIGATIONS DEBTOR DEMOGRAPHIC DEMOGRAPHIC CHANGE DEPRECIATION DERIVATIVES DEVELOPING COUNTRIES DEVELOPING COUNTRY DIRECT INVESTMENT DISTRIBUTION OF WEALTH DIVIDENDS DOLLAR VALUES DOMESTIC DEMAND DYNAMIC ECONOMY ECONOMIC ASSUMPTIONS ECONOMIC DOWNTURN ECONOMIC GROWTH ECONOMIC RECESSION ECONOMIC RESEARCH ECONOMIC SIZE ENVIRONMENTAL BENEFITS EQUIPMENT EQUITY INVESTMENT EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPENDITURES EXPORT DIVERSIFICATION EXPORTS EXTERNAL INDEBTEDNESS FACTORS OF PRODUCTION FEDERAL BUDGET FEDERAL RESERVE FINANCIAL ASSETS FINANCIAL CLAIMS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL CONSOLIDATION FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FLOW OF FUNDS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CLAIMS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN FUNDS FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN OWNERSHIP GDP GLOBAL IMBALANCES GLOBALIZATION GOVERNMENT DEFICITS GOVERNMENT REVENUE GRAVITY MODEL GRAVITY MODELS GROWTH THEORY HIGH CAPITAL MOBILITY HOME COUNTRIES HOME CURRENCIES HOME EQUITY HOME EQUITY LOANS HOUSEHOLD SAVINGS IMBALANCE IMPORT IMPORT DEMAND IMPORTS INCOME STREAM INCOMES INDEBTEDNESS INSTITUTIONAL ARRANGEMENTS INTANGIBLE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL COMPETITIVENESS INTERNATIONAL DEVELOPMENT INTERNATIONAL ECONOMICS INTERNATIONAL INVESTMENT INVESTING INVESTMENT EFFICIENCY INVESTMENT INCOME INVESTMENT OPPORTUNITIES INVESTMENT RATES JUDGE JUDGMENT KNOWLEDGE ECONOMY LABOR FORCE LIQUIDITY LOW-INCOME COUNTRIES MACROECONOMIC POLICY MAJOR CURRENCIES MANDATE MARKET EXCHANGE RATES MARKET VALUE MARKETABLE SECURITIES MONETARY AUTHORITIES MONETARY POLICY MORTGAGE MORTGAGE LENDING MORTGAGES NATIONAL ECONOMIES NATIONAL SAVING NATIONAL SAVINGS NATURAL RESOURCES NEW PRODUCTS OIL EXPORTERS OIL PRICES OTHER CURRENCIES OUTPUT OUTSTANDING CLAIMS PASSIVE INVESTORS PAYMENTS CRISES PENSION PER CAPITA INCOME PER CAPITA INCOMES PORTFOLIO PORTFOLIO EQUITY POVERTY REDUCTION PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATE SAVING PRODUCTIVE INVESTMENT PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC DEFICIT PUBLIC PENSION PUBLIC SAVING RAPID ECONOMIC GROWTH RAPID GROWTH REAL EXCHANGE RATES RECESSION REMOTE LOCATION RETIREMENT AGE RETURN RETURNS RISK AVERSE RISK AVERSION RISK EQUITY SAVINGS RATES SECURITIES SETTLEMENT SLOWDOWN STOCKS SURPLUS TECHNOLOGICAL CHANGE TRADE DEFICIT TREASURY TREASURY SECURITIES UNCERTAINTY UNFUNDED PENSION VALUATION VALUATION CHANGES VALUATIONS VOLATILITY WORLD ECONOMY WORLD FINANCIAL MARKETS This paper argues that global imbalances in current account positions are a natural consequence of globalization of financial markets and of demographic trends, particularly in Europe and in East Asia. Those societies are aging rapidly, with declining numbers of young adults. On both counts savings should be high and investment weak, resulting in excess saving. With globalization of capital markets, this excess saving will naturally seek secure investment opportunities abroad. The U.S. economy, where demographic trends are markedly different (due in part to immigration of young adults), offers a good combination of yield, liquidity, and security for this excess savings, which in time will be liquidated to finance consumption in old age. Thus the large 'imbalance' does not obviously reflect disequilibria in the world economy, but rather a current phase of intertemporal trade. 2017-08-17T21:40:43Z 2017-08-17T21:40:43Z 2009 Working Paper http://documents.worldbank.org/curated/en/493151468330980345/Remarks-for-Yale-workshop-on-global-trends-and-challenges-understanding-global-imbalances http://hdl.handle.net/10986/27935 English en_US Commission on Growth and Development Working Paper;No. 55 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research

Remarks for Yale Workshop on Global Trends and Challenges : Understanding Global Imbalances

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