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Global Imbalances: In Midstream?

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Author Info

  • Gian-Maria Milesi-Ferretti
  • Olivier J. Blanchard

Abstract

Before the crisis, there were strong arguments for reducing global imbalances. As a result of the crisis, there have been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does this mean that imbalances are a problem of the past? Hardly. The paper argues that there is an urgent need to implement policy changes to address the remaining domestic and international distortions that are a key cause of imbalances. Failure to do so could result in the world economy being stuck in "midstream," threatening the sustainability of the recovery.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Staff Position Notes with number 2009/29.

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Length: 32
Date of creation: 22 Dec 2009
Date of revision:
Handle: RePEc:imf:imfspn:2009/29

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Related research

Keywords: Current account deficits; Capital flows; Global Financial Crisis 2008-2009; Private investment; Private savings;

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  1. Richard H. Clarida, 2007. "G7 Current Account Imbalances: Sustainability and Adjustment," NBER Books, National Bureau of Economic Research, Inc, number clar06-2.
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