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External Adjustment, Global Imbalances and Valuation Effects

  • Gourinchas, Pierre-Olivier
  • Rey, Hélène

We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in size and discuss implications for the international monetary and financial system.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 9566.

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Date of creation: Jul 2013
Date of revision:
Handle: RePEc:cpr:ceprdp:9566
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