Publication:
Global Imbalances Before and After the Global Crisis

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dc.contributor.authorServén, Luis
dc.contributor.authorNguyen, Ha
dc.date.accessioned2012-03-19T18:40:43Z
dc.date.available2012-03-19T18:40:43Z
dc.date.issued2010-06-01
dc.description.abstractThis paper surveys the academic and policy debate on the roots of global imbalances, their role in the inception of the global crisis, and their prospects in its aftermath. The conventional view holds that global imbalances result primarily from unsustainably high demand for goods in the United States and other rich countries, and that their impending correction must involve major United States trade adjustment and dollar depreciation -- although recent literature argues that their extent may be dampened by financial adjustment effects. In contrast, an alternative view portrays global imbalances as the equilibrium result of asymmetries in world asset demand and supply. Absent changes in the deep determinants of these, global imbalances can persist. International capital flow patterns before and during the crisis lend support to the equilibrium view. The paper also examines different hypotheses proposed in the literature on the role of global imbalances in the generation and propagation of the financial crisis. On the whole, the evidence suggests that global imbalances were not among the major causes of the crisis. Lastly, the paper assesses alternative scenarios about the future of global imbalances, considering in particular their potential consequences for developing countries, and the policy measures that these might adopt to enhance their growth prospects in a changing global equilibrium.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100629131919
dc.identifier.doi10.1596/1813-9450-5354
dc.identifier.urihttps://hdl.handle.net/10986/3839
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5354
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADVANCED ECONOMIES
dc.subjectASSET HOLDINGS
dc.subjectASSET PRICE
dc.subjectASSET PRICES
dc.subjectASSETS
dc.subjectBANK DEPOSITS
dc.subjectBOND MARKETS
dc.subjectBONDS
dc.subjectBORROWER
dc.subjectBUDGET CONSTRAINT
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL GAINS
dc.subjectCAPITAL INFLOW
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL LOSSES
dc.subjectCAPITAL OUTFLOWS
dc.subjectCENTRAL BANKS
dc.subjectCOMMERCIAL PAPER
dc.subjectCOMMODITY PRICES
dc.subjectCOMPETITIVE EXCHANGE RATES
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER EXPENDITURE
dc.subjectCORPORATE BOND
dc.subjectCORPORATE BOND MARKETS
dc.subjectCORPORATE DEBT
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE SAVING
dc.subjectCREDIT GROWTH
dc.subjectCREDITOR
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT BALANCES
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectCURRENT ACCOUNT IMBALANCES
dc.subjectCURRENT ACCOUNT POSITION
dc.subjectCURRENT ACCOUNT SURPLUS
dc.subjectCURRENT ACCOUNT SURPLUSES
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBTOR
dc.subjectDEBTORS
dc.subjectDEBTS
dc.subjectDEFAULTS
dc.subjectDEMAND GROWTH
dc.subjectDEPOSITS
dc.subjectDEPRECIATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDIRECT INVESTMENT
dc.subjectDISTORTIONS
dc.subjectDOMESTIC CONSUMPTION
dc.subjectDOMESTIC DEMAND
dc.subjectDOMESTIC MARKETS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC STABILITY
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET COUNTRIES
dc.subjectEMERGING MARKETS
dc.subjectEQUILIBRIUM
dc.subjectEQUITIES
dc.subjectEQUITY MARKETS
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE APPRECIATION
dc.subjectEXCHANGE RATE POLICY
dc.subjectEXPENDITURES
dc.subjectEXPORT MARKET
dc.subjectEXPROPRIATION
dc.subjectEXPROPRIATION RISKS
dc.subjectEXTERNAL ASSET
dc.subjectEXTERNAL ASSETS
dc.subjectEXTERNAL DEFICIT
dc.subjectEXTERNAL DEFICITS
dc.subjectEXTERNAL POSITION
dc.subjectEXTERNAL POSITIONS
dc.subjectEXTERNAL SHOCKS
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE BANK
dc.subjectFEDERAL RESERVE SYSTEM
dc.subjectFINANCES
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SYSTEMS
dc.subjectFISCAL POLICY
dc.subjectFISCAL REFORM
dc.subjectFOREIGN ASSET
dc.subjectFOREIGN ASSET ACCUMULATION
dc.subjectFOREIGN ASSET POSITION
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN RESERVE
dc.subjectGLOBAL BANKS
dc.subjectGLOBAL DEMAND
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL FINANCIAL SYSTEM
dc.subjectGLOBAL IMBALANCE
dc.subjectGLOBAL IMBALANCES
dc.subjectGROWTH RATE
dc.subjectHOUSEHOLD SAVING
dc.subjectIMBALANCE
dc.subjectIMPORT
dc.subjectIMPORT DEMAND
dc.subjectIMPORTS
dc.subjectINFLOW OF CAPITAL
dc.subjectINSURANCE
dc.subjectINTANGIBLE
dc.subjectINTANGIBLE ASSETS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL FLOW
dc.subjectINTERNATIONAL CAPITAL FLOWS
dc.subjectINTERNATIONAL DIVERSIFICATION
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL INTEGRATION
dc.subjectINTERNATIONAL FINANCIAL STATISTICS
dc.subjectINTERNATIONAL INVESTORS
dc.subjectINTERNATIONAL MONETARY SYSTEM
dc.subjectINTERNATIONAL RESERVES
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT PORTFOLIOS
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTMENT RATES
dc.subjectINVESTOR AWARENESS
dc.subjectLENDER
dc.subjectLEVERAGE
dc.subjectLIABILITY
dc.subjectLIQUIDATION
dc.subjectLIQUIDITY
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC STABILITY
dc.subjectMONETARY ECONOMICS
dc.subjectMONETARY POLICY
dc.subjectOIL EXPORTERS
dc.subjectOIL EXPORTING COUNTRIES
dc.subjectOIL PRICE
dc.subjectOIL PRICES
dc.subjectOIL-EXPORTING COUNTRIES
dc.subjectOPEN ECONOMIES
dc.subjectOPPORTUNITY COSTS
dc.subjectOTHER CURRENCIES
dc.subjectPENSION
dc.subjectPOLICY RESPONSES
dc.subjectPOLITICAL ECONOMY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO DIVERSIFICATION
dc.subjectPORTFOLIOS
dc.subjectPOSSIBILITY OF DEFAULT
dc.subjectPRICE CHANGES
dc.subjectPRICE MOVEMENTS
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE INFLOWS
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE INVESTORS
dc.subjectPRIVATE SAVING
dc.subjectPRUDENTIAL REGULATION
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEFICITS
dc.subjectPUBLIC SAVING
dc.subjectPUBLIC SPENDING
dc.subjectREAL DEPRECIATION
dc.subjectREAL EFFECTIVE EXCHANGE RATE
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL EXCHANGE RATES
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREAL INTEREST RATES
dc.subjectRELATIVE WEIGHT
dc.subjectRESERVE ACCUMULATION
dc.subjectRESERVE CURRENCY
dc.subjectRESERVE HOLDINGS
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK DIVERSIFICATION
dc.subjectRISKY ASSETS
dc.subjectSAFETY NET
dc.subjectSAFETY NETS
dc.subjectSECURITIES
dc.subjectSHAREHOLDERS
dc.subjectSLACK
dc.subjectSLOWDOWN
dc.subjectSOURCE OF INFLOWS
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET PRICES
dc.subjectSTOCKS
dc.subjectSURPLUS
dc.subjectSURPLUS COUNTRIES
dc.subjectSURPLUSES
dc.subjectTAX
dc.subjectTAX INCENTIVES
dc.subjectTRADABLE GOODS
dc.subjectTRADE ACCOUNT
dc.subjectTRADE BALANCE
dc.subjectTRADE SURPLUS
dc.subjectTREASURIES
dc.subjectTREASURY
dc.subjectWEALTH EFFECTS
dc.subjectWEALTH TRANSFER
dc.subjectWITHDRAWAL
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.subjectWORLD ECONOMY
dc.subjectWORLD INTEREST RATES
dc.subjectWORLD MARKETS
dc.subjectWORLD TRADE
dc.titleGlobal Imbalances Before and After the Global Crisisen
dspace.entity.typePublication
okr.crossref.titleGlobal Imbalances Before And After The Global Crisis
okr.date.doiregistration2025-04-10T11:46:29.050558Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100629131919
okr.guid754901468326705068
okr.identifier.doi10.1596/1813-9450-5354
okr.identifier.externaldocumentum000158349_20100629131919
okr.identifier.internaldocumentum12488786
okr.identifier.reportWPS5354
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/06/29/000158349_20100629131919/Rendered/PDF/WPS5354.pdfen
okr.sectorFinance :: General finance sector
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
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relation.isAuthorOfPublicationc1c4d7c1-b16a-5f9a-a0ac-f855e347728a
relation.isAuthorOfPublication.latestForDiscovery2c4139d2-7458-5296-9aea-6d3db3e1ae1e
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
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