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Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation

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  • Lawrence H. Summers

Abstract

The lecture focuses on some implications -- both positive and normative -- of the most surprising development in the international financial system over the last half dozen years. That development is the large flow of capital from the world’s most successful emerging markets to the traditional industrial countries, and the associated enormous buildup of reserves in the developing world. This was neither predictable nor predicted and the implications are large and have not yet fully been thought through.

Suggested Citation

  • Lawrence H. Summers, 2007. "Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation," Working Papers id:1042, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:1042
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    File URL: http://www.eSocialSciences.com/data/articles/Document1572007270.7310907.pdf
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    Cited by:

    1. Camilo González & Luisa F. Silva & Carmiña O. Vargas & Andrés M. Velasco, 2013. "An exploration on interbank markets and the operational framework of monetary policy in Colombia," Borradores de Economia 10982, Banco de la Republica.
    2. Javier Gómez Restrepo & Juan Sebastián Rojas Bohórquez, 2013. "Assessing Reserve Adequacy: The Colombian Case," Borradores de Economia 781, Banco de la Republica de Colombia.
    3. Gabriela Contreras & Alejandro Jara & Eduardo Olaberría & Diego Saravia, 2012. "On the Level of International Reserves in Chile: an Analysis Based on Complementary Approaches," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 15(3), pages 40-63, December.

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