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Global Imbalances: The Role of Emerging Asia

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  • Pietro Cova
  • Massimiliano Pisani
  • Alessandro Rebucci

Abstract

This paper investigates the role played by emerging Asia in the emergence and evolution of the global trade imbalances. Based on simulations in a general-equilibrium model of the world economy, we find that a productivity slowdown in the nontradable sector of these economies in the second half of the 1990s fits regional macroeconomic developments relatively well, but has limited spillover effect to the United States trade balance. In contrast, an increase in the desired level of emerging Asia net foreign assets starting in 2001 not only fits regional developments relatively well, but also has a significant spillover effect to the United States. Copyright � 2009 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of International Economics.

Volume (Year): 17 (2009)
Issue (Month): 4 (09)
Pages: 716-733

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Handle: RePEc:bla:reviec:v:17:y:2009:i:4:p:716-733

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Cited by:
  1. Gunther Tichy, 2010. "War die Finanzkrise vorhersehbar?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, Verein für Socialpolitik, vol. 11(4), pages 356-382, November.
  2. Joseph Gagnon, 2012. "Global imbalances and foreign asset expansion by developing-economy central banks," BIS Papers chapters, Bank for International Settlements, in: Bank for International Settlements (ed.), Are central bank balance sheets in Asia too large?, volume 66, pages 168-185 Bank for International Settlements.
  3. Gomes, S. & Jacquinot, P. & Pisani, M., 2012. "The EAGLE. A model for policy analysis of macroeconomic interdependence in the euro area," Economic Modelling, Elsevier, Elsevier, vol. 29(5), pages 1686-1714.
  4. Yavuz Arslan & Mustafa Kilinc & M. Ibrahim Turhan, 2011. "Global Imbalances, Current Account Rebalancing and Exchange Rate Adjustments," Working Papers 1127, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  5. Lorenzo Forni & Andrea Gerali & Massimiliano Pisani, 2009. "Macroeconomic effects of greater competition in the service sector: the case of Italy," Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area 706, Bank of Italy, Economic Research and International Relations Area.
  6. Chevallier, Julien, 2012. "Global imbalances, cross-market linkages, and the financial crisis: A multivariate Markov-switching analysis," Economic Modelling, Elsevier, Elsevier, vol. 29(3), pages 943-973.
  7. Agnès Bénassy-Quéré & Benjamin Carton & Ludovic Gauvin, 2011. "Rebalancing Growth in China: An International Perspective," Working Papers 2011-08, CEPII research center.
  8. Alessandro Rebucci & Nicoletta Batini & Pietro Cova & Massimiliano Pisani, 2009. "Global Imbalances," IMF Working Papers 09/63, International Monetary Fund.

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