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Financial Flows and International Imbalances--The Role of Catching-up by Late Industrializing Developing Countries

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  • Jan Kregel

Abstract

While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the result of a process of catching up by late-industrializing developing countries. This may call for an alternative approach that assesses how they can be managed in order to support developing countries' efforts to achieve successful industrialization and integration into the global trade and financial system. In this light, the paper presents an alternative explanation of the existence and persistence of the currently high levels of imbalances and suggests reasons why they may persist in the medium term.

Suggested Citation

  • Jan Kregel, 2008. "Financial Flows and International Imbalances--The Role of Catching-up by Late Industrializing Developing Countries," Economics Working Paper Archive wp_528, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_528
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    Cited by:

    1. Fischer, A.M., 2010. "Is China turning Latin?," ISS Working Papers - General Series 19431, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    2. Andrew Martin Fischer, 2014. "Redistribution as social justice for decarbonising the global economy," The Economic and Labour Relations Review, , vol. 25(4), pages 574-586, December.
    3. Andrew M. Fischer & Servaas Storm, 2023. "The Return of Debt Crisis in Developing Countries: Shifting or Maintaining Dominant Development Paradigms?," Development and Change, International Institute of Social Studies, vol. 54(5), pages 954-993, September.
    4. Agarwal, Manmohan & Walsh, Sean & Wang, Jing & Whalley, John & Yan, Chen, 2013. "Expected worsening or improving financial instability and the 2008 financial crisis," The North American Journal of Economics and Finance, Elsevier, vol. 26(C), pages 92-105.
    5. Victor Manuel Isidro Luna, 2017. "Déficit Comercial como determinante de la tasa de interés y de los movimientos de capitales en México de 1950 a 2014. Un enfoque heterodoxo," Revista de Economía Crítica, Asociación de Economía Crítica, vol. 24, pages 7-19.
    6. Murat Arsel & Andrew M. Fischer, 2015. "Forum 2015," Development and Change, International Institute of Social Studies, vol. 46(4), pages 700-732, July.
    7. Fischer, A.M., 2016. "Aid and the symbiosis of global redistribution and development: Comparative historical lessons from two icons of development studies," ISS Working Papers - General Series 618, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    8. Ingo Barens & Peter Flaschel & Florian Hartmann & Andreas Röthig, 2010. "Kaldorian boom-bust cycles in the housing market," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(2), pages 361-375.
    9. Mario Tonveronachi, 2010. "Empowering supervisors with more principles and discretion to implement them will not reduce the dangers of the prudential approach to financial regulation," PSL Quarterly Review, Economia civile, vol. 63(255), pages 363-378.
    10. Mario Tonveronachi & Elisabetta Montanaro, 2009. "Some preliminary proposals for re-regulating financial systems," Department of Economics University of Siena 553, Department of Economics, University of Siena.
    11. Andrew Martin Fischer, 2010. "Is China turning Latin? China's balancing act between power and dependence in the lead up to global crisis," Journal of International Development, John Wiley & Sons, Ltd., vol. 22(6), pages 739-757.
    12. John Whalley & Manmohan Agarwal & Jing Wang & Sean Walsh & Chen Yan, 2011. "Linking External Sector Imbalances and Changing Financial Instability before the 2008 Financial Crisis," NBER Working Papers 17645, National Bureau of Economic Research, Inc.

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