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External imbalances and macroeconomic policy

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Listed author(s):
  • Philip R. Lane

Abstract

This paper argues that large external imbalances pose significant macroeconomic risks. While New Zealand has coped well in recent years, the global financial crisis has underlined the vulnerability of large-deficit countries to financial shocks. We analyse how the macroeconomic policy framework can be adapted to modify the risks embedded in the international balance sheet.

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File URL: http://hdl.handle.net/10.1080/00779954.2012.720525
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Article provided by Taylor & Francis Journals in its journal New Zealand Economic Papers.

Volume (Year): 47 (2013)
Issue (Month): 1 (April)
Pages: 53-70

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Handle: RePEc:taf:nzecpp:vv:47:y:2013:i:1:p:53-70
DOI: 10.1080/00779954.2012.720525
Contact details of provider: Web page: http://www.tandfonline.com/RNZP20

Order Information: Web: http://www.tandfonline.com/pricing/journal/RNZP20

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Cited by:

  1. Robert A Buckle & Amy A Cruickshank, 2013. "The Requirements for Long-Run Fiscal Sustainability," Treasury Working Paper Series 13/20, New Zealand Treasury.
  2. Philip R. Lane, 2016. "Macro-financial stability under EMU," ESRB Working Paper Series 01, European Systemic Risk Board.
  3. Philip R. Lane, 2013. "Cross-Border Financial Integration in Asia and the Macro-Financial Policy Framework," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 14(2), pages 37-52, April.
  4. Lane, Philip R., 2015. "Macro-Financial Stability under EMU," CEPR Discussion Papers 10776, C.E.P.R. Discussion Papers.
  5. Gani, Azmat & Scrimgeour, Frank, 2016. "New Zealand's trade with Asia and the role of good governance," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 36-53.

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