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International adjustment and rebalancing of global demand:where do we stand?

Author

Listed:
  • Y. Kalantzis.
  • P. Towbin.
  • S. Zignago.

Abstract

During the financial crisis, the global economy experienced a collapse in cross-border capital flows and a rapid adjustment of global imbalances. One of the striking features of this adjustment is its asymmetric nature:domestic demand declined in countries with a current account deficit,but only rose slightly in surplus economies.

Suggested Citation

  • Y. Kalantzis. & P. Towbin. & S. Zignago., 2014. "International adjustment and rebalancing of global demand:where do we stand?," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 33, pages 5-23, spring.
    • Handle: RePEc:bfr:quarte:2014:33:01
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    global imbalances; capital flows; asymmetric adjustment;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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