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The origins of global imbalances

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Author Info
Jan Bruha
Jiri Podpiera

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Abstract

In this paper we study the endogenous response of unequally developed regions to a drop in investment and trade costs in a general equilibrium model. The response is characterized by a rise in foreign direct investment in the underdeveloped region and increased consumption in the developed one, leading to trade imbalances between the regions. We hereby propose that declining investment and trade costs could have caused this century’s global imbalances.

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File URL: http://www.cnb.cz/www.cnb.cz/en/research/research_publications/cnb_wp/download/cnbwp_2008_07.pdf
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Paper provided by Czech National Bank, Research Department in its series Working Papers with number 2008/7.

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Date of creation: Dec 2008
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Handle: RePEc:cnb:wpaper:2008/7

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Related research
Keywords: Economic development; foreign direct investment; global imbalances; multi-country general-equilibrium model.;

Find related papers by JEL classification:
F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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This page was last updated on 2009-11-24.

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