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Causes and Consequences of Global Imbalances: Perspective from Developing Asia

  • Adams, Charles

    (National University of Singapore)

  • Park, Donghyun

    (Asian Development Bank)

Global current account imbalances are one of the key macroeconomic imbalances that underlie the global financial crisis. The central objective of this paper is to analyze the causes and consequences of global imbalances from the perspective of developing Asia. More specifically, we examine the root causes of the large and persistent current account surpluses that have emerged in the region since the Asian crisis. We also explore the consequences of global imbalances for the region, in terms of welfare and economic growth. Based on our analysis, we recommend a number of concrete policy directions to help Asia rebalance its demand and growth toward domestic sources.

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Paper provided by Asian Development Bank in its series ADB Economics Working Paper Series with number 157.

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Length: 31 pages
Date of creation: Apr 2009
Date of revision:
Handle: RePEc:ris:adbewp:0157
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  1. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. "The revived Bretton Woods system," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(4), pages 307-313.
  2. Sebastian Edwards, 2002. "Does the Current Account Matter?," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 21-76 National Bureau of Economic Research, Inc.
  3. Chinn, Menzie D. & Ito, Hiro, 2007. "Current account balances, financial development and institutions: Assaying the world "saving glut"," Journal of International Money and Finance, Elsevier, vol. 26(4), pages 546-569, June.
  4. Park, Donghyun & Shin, Kwanho, 2009. "Saving, Investment, and Current Account Surplus in Developing Asia," ADB Economics Working Paper Series 158, Asian Development Bank.
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