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Understanding global imbalances

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  • Richard N. Cooper

Abstract

Two contemporary issues provide reason to focus on national saving and investment: the debate over public pensions, and pensions more generally, in all rich countries; and the large global current account imbalances, conceptually the difference between national savings and domestic investment. Are we all saving enough to provide adequate retirement income for rapidly ageing populations – especially Americans, whose household savings seems to have disappeared altogether in 2005? And are the countries with large external deficits – notably the United States – mortgaging the income of future generations inappropriately, not to mention courting financial calamity in the meantime?

Suggested Citation

  • Richard N. Cooper, 2006. "Understanding global imbalances," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 51.
  • Handle: RePEc:fip:fedbcp:y:2006:n:51:x:2
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    File URL: http://www.bostonfed.org/economic/conf/conf51/papers/cooper.pdf
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Haldane, Andrew & Hall, Simon & Pezzini, Silvia, 2007. "Financial Stability Paper No 2: A New Approach to Assessing Risks to Financial Stability," Bank of England Financial Stability Papers 2, Bank of England.
    2. Russell Jesse R., 2012. "Disequilibrium in the International Balance of Payments," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 18(1), pages 1-17, May.
    3. Guy M Meredith, 2007. "Debt Dynamics and Global Imbalances; Some Conventional Views Reconsidered," IMF Working Papers 07/4, International Monetary Fund.
    4. W. Max Corden, 2007. "Those Current Account Imbalances: A Sceptical View -super-1," The World Economy, Wiley Blackwell, vol. 30(3), pages 363-382, March.
    5. Hickey, Ronan, 2007. "How Sustainable are Global Imbalances?," Quarterly Bulletin Articles, Central Bank of Ireland, pages 85-119, October.
    6. Barry Eichengreen, 2008. "Should there be a coordinated response to the problem of global imbalances? Can there be one?," Working Papers 69, United Nations, Department of Economics and Social Affairs.

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