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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.

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Bibliographic Info

Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_528.

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Date of creation: Feb 2008
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Handle: RePEc:lev:wrkpap:wp_528

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Web page: http://www.levyinstitute.org

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Cited by:
  1. Fischer, A.M., 2010. "Is China turning Latin? China’s balancing act between power and dependence on the wave of global imbalances," ISS Working Papers - General Series, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague 496, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
  2. 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, Economia civile, vol. 63(255), pages 363-378.
  3. Mario Tonveronachi & Elisabetta Montanaro, 2009. "Some preliminary proposals for re-regulating financial systems," Department of Economics University of Siena, Department of Economics, University of Siena 553, Department of Economics, University of Siena.
  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, Elsevier, vol. 26(C), pages 92-105.
  5. 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.
  6. 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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