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Global imbalances: the international monetary system and financial stability

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  • Carney, M.

Abstract

Understanding the link between global macroeconomic imbalances and financial stability is critical not only for understanding the recent financial crisis, but also for what could happen next. The imbalances and financial vulnerabilities that plagued the global economy before the crisis have begun to re-emerge. In a context of deficient global demand and exceptionally low interest rates in many countries, one likely result is excessively risky behaviour in the financial sector. A failure to resolve global disequilibria will ultimately undermine the global recovery and financial stability. Several lines of defence against this outcome are needed, including greater responsibility on the part of households, firms and governments to manage their debts, and enhanced financial sector supervision.

Suggested Citation

  • Carney, M., 2011. "Global imbalances: the international monetary system and financial stability," Financial Stability Review, Banque de France, issue 15, pages 31-38, February.
    • Handle: RePEc:bfr:fisrev:2011:15:04
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    File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/financial-stability-review-15_2011-02.pdf
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    Cited by:

    1. Grahame Johnson & Eric Santor, 2013. "Central Bank Liquidity Provision and Core Funding Markets," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Matthew Lilley & Mark Manning (ed.),Liquidity and Funding Markets, Reserve Bank of Australia.
    2. Charles A.E. Goodhart & M. Udara Peiris & Dimitrios P. Tsomocos, 2019. "Global Imbalances and Taxing Capital Flows," Chapters, in: Financial Regulation and Stability, chapter 11, pages 270-301, Edward Elgar Publishing.

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