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External Adjustment, Global Imbalances and Valuation Effects

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  • Gourinchas, Pierre-Olivier
  • Rey, Hélène

Abstract

We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in size and discuss implications for the international monetary and financial system.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 9566.

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Date of creation: Jul 2013
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Handle: RePEc:cpr:ceprdp:9566

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Keywords: Capital Flows; International Finance; International Monetary System;

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References

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  1. Tarek A. Hassan, 2009. "Country Size, Currency Unions, and International Asset Returns," Working Papers 154, Oesterreichische Nationalbank (Austrian Central Bank).
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  10. Bacchetta, Philippe & Benhima, Kenza & Kalantzis, Yannick, 2012. "Capital Controls with International Reserve Accumulation: Can this Be Optimal?," Working Papers 2012-009, Banco Central de Reserva del Perú.
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  12. Flavia Corneli, 2009. "The Saving Glut Explanation of Global Imbalances: the Role of Underinvestment," Economics Working Papers ECO2009/41, European University Institute.
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  16. Aguiar, Mark & Gopinath, Gita, 2007. "Emerging Market Business Cycles: The Cycle is the Trend," Scholarly Articles 11988098, Harvard University Department of Economics.
  17. Vasia Panousi & George-Marios Angeletos, 2010. "Financial integration, entrepreneurial risk and global dynamics," Finance and Economics Discussion Series 2010-54, Board of Governors of the Federal Reserve System (U.S.).
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Citations

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Cited by:
  1. Gossé, Jean-Baptiste & Serranito, Francisco, 2014. "Long-run determinants of current accounts in OECD countries: Lessons for intra-European imbalances," Economic Modelling, Elsevier, vol. 38(C), pages 451-462.
  2. Daisuke Ikeda & Toan Phan, 2013. "Asset Bubbles & Global Imbalances," Working Papers 2013-041, Department of Research, Ipag Business School.
  3. Philip Lane, 2013. "International Capital Flows and Domestic Financial Conditions: Lessons for Emerging Asia," The Institute for International Integration Studies Discussion Paper Series iiisdp438, IIIS.

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