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The Origins of Global Imbalances

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  • Jan Bruha
  • Jiri Podpiera

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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Bibliographic Info

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

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