AbstractOne area where international monetary cooperation has failed is in the role of surplus or creditor countries in limiting or in correcting external imbalances. The stock dimensions of such imbalances - net external positions, leverage in national balance sheets, currency/maturity mismatches, the structure of ownership of assets and liabilities and over-reliance on debt - can threaten financial stability in creditor as in debtor countries. Creditor countries therefore have a responsibility both for avoiding "overlending" and for devising cooperative solutions to excessive or prolonged imbalances.
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Bibliographic InfoPaper provided by Bank for International Settlements in its series BIS Working Papers with number 419.
Length: 27 pages
Date of creation: Jul 2013
Date of revision:
International adjustment; symmetry in adjustment; external financing and risk exposures; financial crisis;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-07-28 (All new papers)
- NEP-CBA-2013-07-28 (Central Banking)
- NEP-MON-2013-07-28 (Monetary Economics)
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