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Global Rebalancing; Implications for Low-Income Countries

  • Yongzheng Yang
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    While global rebalancing will mainly involve structural realignment among major advanced and emerging market economies, it could have significant impact on low-income countries (LICs). Simulations using a global general equilibrium model show that a more balanced global economy would tend to improve the current account balance in LICs with limited impact on domestic output. However, there could be adverse terms of trade effects on some LICs as the prices of manufactured goods rise. On the other hand, such prices increases could provide an impetus to export diversification in many LICs, raising growth in the long run. The output and terms of trade effects would be significantly amplified if structural adjustment is impeded by factor immobility and other rigidities.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/239.

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    Length: 31
    Date of creation: 01 Oct 2011
    Date of revision:
    Handle: RePEc:imf:imfwpa:11/239
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    1. Hamid Faruqee & Douglas Laxton & Dirk Muir & Paolo A. Pesenti, 2007. "Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 377-456 National Bureau of Economic Research, Inc.
    2. Darby, Julia & Desbordes, Rodolphe & Wooton, Ian, 2010. "Does Public Governance Always Matter? How Experience of Poor Institutional Quality Influences FDI to the South," SIRE Discussion Papers 2010-14, Scottish Institute for Research in Economics (SIRE).
    3. repec:cup:cbooks:9780521583183 is not listed on IDEAS
    4. Andrea Goldstein & Nicolas Pinaud & Helmut Reisen, 2006. "The Rise of China and India: What's in it for Africa?," OECD Development Centre Policy Insights 19, OECD Publishing.
    5. Hertel, Thomas, . "Global Trade Analysis: Modeling and applications," GTAP Books 7685, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University.
    6. Engler, Philipp, 2009. "Global rebalancing in a three-country model," Discussion Papers 2009/1, Free University Berlin, School of Business & Economics.
    7. repec:cup:cbooks:9780521266550 is not listed on IDEAS
    8. Ianchovichina, Elena & Ivanic, Maros & Martin, Will, 2009. "Implications of the growth of China and India for the other Asian giant : Russia," Policy Research Working Paper Series 5075, The World Bank.
    9. Lynge Nielsen, 2011. "Classifications of Countries Basedon their Level of Development; How it is Done and How it Could Be Done," IMF Working Papers 11/31, International Monetary Fund.
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