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Short Circuits

In: What Drives Global Capital Flows?

Author

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  • Brendan Brown

Abstract

Ever since the great debates about German Reparations in the 1920s, there has been an intermittent current of concern in the international economic literature about whether under certain circumstances general equilibrium in the global economy might be unattainable. Specifically, could there be no combination of interest rates and exchange rates (spot, forward, and expected) at which each and every major economy would be in internal balance and where there would be a stream of net capital flows between them (over time) in line with their respective savings surpluses and deficits (with total net capital flows adding up to zero) both in the present and in the future?

Suggested Citation

  • Brendan Brown, 2006. "Short Circuits," Palgrave Macmillan Books, in: What Drives Global Capital Flows?, chapter 4, pages 94-119, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62729-1_4
    DOI: 10.1057/9780230627291_4
    as

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