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External Adjustment, Global Imbalances and Valuation Effects

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  • Pierre-Olivier Gourinchas
  • Hélène Rey

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 National Bureau of Economic Research, Inc in its series NBER Working Papers with number 19240.

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Date of creation: Jul 2013
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Handle: RePEc:nbr:nberwo:19240

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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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