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Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation


  • Lawrence H. Summers


The lecture focuses on some implications -- both positive and normative -- of the most surprising development in the international financial system over the last half dozen years. That development is the large flow of capital from the world’s most successful emerging markets to the traditional industrial countries, and the associated enormous buildup of reserves in the developing world. This was neither predictable nor predicted and the implications are large and have not yet fully been thought through.

Suggested Citation

  • Lawrence H. Summers, 2007. "Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation," Working Papers id:1042, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:1042
    Note: Institutional Papers

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    References listed on IDEAS

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    2. repec:ilo:ilowps:284459 is not listed on IDEAS
    3. Meyer-Stamer, Jorg, 1998. "Path dependence in regional development: Persistence and change in three industrial clusters in Santa Catarina, Brazil," World Development, Elsevier, vol. 26(8), pages 1495-1511, August.
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    7. Ron Martin & Peter Sunley, 2003. "Deconstructing clusters: chaotic concept or policy panacea?," Journal of Economic Geography, Oxford University Press, vol. 3(1), pages 5-35, January.
    8. Marjolein Caniëls & Henny Romijn, 2003. "Agglomeration Advantages and Capability Building in Industrial Clusters: The Missing Link," Journal of Development Studies, Taylor & Francis Journals, vol. 39(3), pages 129-154.
    9. Cawthorne, Pamela M., 1995. "Of networks and markets: The rise and rise of a South Indian town, the example of Tiruppur's cotton knitwear industry," World Development, Elsevier, vol. 23(1), pages 43-56, January.
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