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Contemporary Developments of Global Imbalances

Author

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  • Silvia Kirova

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

This paper analyzes the contemporary developments of global imbalances. At the beginning of the analysis global imbalances are explained as a macroeconomic phenomenon. Further on the paper explains the key determinants of imbalances – the factors that stand behind the accumulations of surpluses or deficits. Furthermore the development of the problem in the period 1996-2011 is considered, and several sub-periods are differentiated. The emphasis is put on the post-crisis developments, i.e. the correction in imbalances after 2008, the reasons for the correction, the remaining distortions and the necessary policy measures that yet need to be taken. The paper concludes that despite the correction and the healthy adjustment there are still problems that need to be addressed so that the built-up of serious imbalances in the future is prevented

Suggested Citation

  • Silvia Kirova, 2013. "Contemporary Developments of Global Imbalances," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 81-89, September.
    • Handle: RePEc:nwe:eajour:y:2013:i:3:p:81-89
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    References listed on IDEAS

    as
    1. Richard N. Cooper, 2007. "Living with Global Imbalances," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(2), pages 91-110.
    2. Gian M Milesi-Ferretti & Olivier J Blanchard, 2009. "Global Imbalances; In Midstream?," IMF Staff Position Notes 2009/29, International Monetary Fund.
    3. Maurice Obstfeld & Kenneth S. Rogoff, 2009. "Global imbalances and the financial crisis: products of common causes," Proceedings, Federal Reserve Bank of San Francisco, pages 131-172.
    4. Mr. Gian M Milesi-Ferretti & Mr. Olivier J Blanchard, 2009. "Global Imbalances: In Midstream?," IMF Staff Position Notes 2009/029, International Monetary Fund.
    5. Rogoff, Kenneth & Obstfeld, Maurice, 2009. "Global Imbalances and the Financial Crisis: Products of Common Causes," CEPR Discussion Papers 7606, Centre for Economic Policy Research.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles

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