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

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dc.contributor.authorCooper, Richard N.
dc.date.accessioned2017-08-17T21:40:43Z
dc.date.available2017-08-17T21:40:43Z
dc.date.issued2009
dc.description.abstractThis 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/493151468330980345/Remarks-for-Yale-workshop-on-global-trends-and-challenges-understanding-global-imbalances
dc.identifier.doi10.1596/27935
dc.identifier.urihttps://hdl.handle.net/10986/27935
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesCommission on Growth and Development Working Paper;No. 55
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCOUNTING
dc.subjectASSETS
dc.subjectBALANCE OF PAYMENTS
dc.subjectBALANCE SHEETS
dc.subjectBONDS
dc.subjectBUDGET DEFICITS
dc.subjectCAPITAL GAINS
dc.subjectCAPITAL GAINS ON EQUITIES
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL OUTFLOW
dc.subjectCAPITAL STOCK
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCOMPARATIVE ADVANTAGE
dc.subjectCONSOLIDATION
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER DURABLES
dc.subjectCONSUMERS
dc.subjectCORPORATE SAVINGS
dc.subjectCURRENCY
dc.subjectCURRENCY APPRECIATION
dc.subjectCURRENCY APPRECIATIONS
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectCURRENT ACCOUNT POSITIONS
dc.subjectCURRENT ACCOUNT SURPLUS
dc.subjectCURRENT ACCOUNT SURPLUSES
dc.subjectDEBT
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT OBLIGATIONS
dc.subjectDEBTOR
dc.subjectDEMOGRAPHIC
dc.subjectDEMOGRAPHIC CHANGE
dc.subjectDEPRECIATION
dc.subjectDERIVATIVES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDIRECT INVESTMENT
dc.subjectDISTRIBUTION OF WEALTH
dc.subjectDIVIDENDS
dc.subjectDOLLAR VALUES
dc.subjectDOMESTIC DEMAND
dc.subjectDYNAMIC ECONOMY
dc.subjectECONOMIC ASSUMPTIONS
dc.subjectECONOMIC DOWNTURN
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC RECESSION
dc.subjectECONOMIC RESEARCH
dc.subjectECONOMIC SIZE
dc.subjectENVIRONMENTAL BENEFITS
dc.subjectEQUIPMENT
dc.subjectEQUITY INVESTMENT
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE MOVEMENTS
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORT DIVERSIFICATION
dc.subjectEXPORTS
dc.subjectEXTERNAL INDEBTEDNESS
dc.subjectFACTORS OF PRODUCTION
dc.subjectFEDERAL BUDGET
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CLAIMS
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL CONSOLIDATION
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFIXED CAPITAL
dc.subjectFLOW OF FUNDS
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CLAIMS
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKETS
dc.subjectFOREIGN FUNDS
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN OWNERSHIP
dc.subjectGDP
dc.subjectGLOBAL IMBALANCES
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT DEFICITS
dc.subjectGOVERNMENT REVENUE
dc.subjectGRAVITY MODEL
dc.subjectGRAVITY MODELS
dc.subjectGROWTH THEORY
dc.subjectHIGH CAPITAL MOBILITY
dc.subjectHOME COUNTRIES
dc.subjectHOME CURRENCIES
dc.subjectHOME EQUITY
dc.subjectHOME EQUITY LOANS
dc.subjectHOUSEHOLD SAVINGS
dc.subjectIMBALANCE
dc.subjectIMPORT
dc.subjectIMPORT DEMAND
dc.subjectIMPORTS
dc.subjectINCOME STREAM
dc.subjectINCOMES
dc.subjectINDEBTEDNESS
dc.subjectINSTITUTIONAL ARRANGEMENTS
dc.subjectINTANGIBLE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL COMPETITIVENESS
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL INVESTMENT
dc.subjectINVESTING
dc.subjectINVESTMENT EFFICIENCY
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT RATES
dc.subjectJUDGE
dc.subjectJUDGMENT
dc.subjectKNOWLEDGE ECONOMY
dc.subjectLABOR FORCE
dc.subjectLIQUIDITY
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMAJOR CURRENCIES
dc.subjectMANDATE
dc.subjectMARKET EXCHANGE RATES
dc.subjectMARKET VALUE
dc.subjectMARKETABLE SECURITIES
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY POLICY
dc.subjectMORTGAGE
dc.subjectMORTGAGE LENDING
dc.subjectMORTGAGES
dc.subjectNATIONAL ECONOMIES
dc.subjectNATIONAL SAVING
dc.subjectNATIONAL SAVINGS
dc.subjectNATURAL RESOURCES
dc.subjectNEW PRODUCTS
dc.subjectOIL EXPORTERS
dc.subjectOIL PRICES
dc.subjectOTHER CURRENCIES
dc.subjectOUTPUT
dc.subjectOUTSTANDING CLAIMS
dc.subjectPASSIVE INVESTORS
dc.subjectPAYMENTS CRISES
dc.subjectPENSION
dc.subjectPER CAPITA INCOME
dc.subjectPER CAPITA INCOMES
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO EQUITY
dc.subjectPOVERTY REDUCTION
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE SAVING
dc.subjectPRODUCTIVE INVESTMENT
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC DEFICIT
dc.subjectPUBLIC PENSION
dc.subjectPUBLIC SAVING
dc.subjectRAPID ECONOMIC GROWTH
dc.subjectRAPID GROWTH
dc.subjectREAL EXCHANGE RATES
dc.subjectRECESSION
dc.subjectREMOTE LOCATION
dc.subjectRETIREMENT AGE
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK AVERSE
dc.subjectRISK AVERSION
dc.subjectRISK EQUITY
dc.subjectSAVINGS RATES
dc.subjectSECURITIES
dc.subjectSETTLEMENT
dc.subjectSLOWDOWN
dc.subjectSTOCKS
dc.subjectSURPLUS
dc.subjectTECHNOLOGICAL CHANGE
dc.subjectTRADE DEFICIT
dc.subjectTREASURY
dc.subjectTREASURY SECURITIES
dc.subjectUNCERTAINTY
dc.subjectUNFUNDED PENSION
dc.subjectVALUATION
dc.subjectVALUATION CHANGES
dc.subjectVALUATIONS
dc.subjectVOLATILITY
dc.subjectWORLD ECONOMY
dc.subjectWORLD FINANCIAL MARKETS
dc.titleRemarks for Yale Workshop on Global Trends and Challengesen
dc.title.subtitleUnderstanding Global Imbalancesen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.date.disclosure2010-12-07
okr.date.doiregistration2025-04-15T11:42:18.800003Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/493151468330980345/Remarks-for-Yale-workshop-on-global-trends-and-challenges-understanding-global-imbalances
okr.guid493151468330980345
okr.identifier.externaldocumentum000356161_20101208040250
okr.identifier.internaldocumentum13210998
okr.identifier.report57754
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/493151468330980345/pdf/577540NWP0Box353767B01PUBLIC10gcwp055web.pdfen
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.topicHealth, Nutrition and Population::Demographics
okr.topicInternational Economics and Trade::Capital Flows
okr.topicMacroeconomics and Economic Growth::Economic Investment & Savings
okr.unitDevelopment Research Group (DECRG)
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