Global and Euro Imbalances: China and Germany
In: 50 Years of Money and Finance: Lessons and Challenges
Author
Abstract
(This abstract was borrowed from another version of this item.)
Suggested Citation
Download full text from publisher
Other versions of this item:
- Guonan Ma & Robert N McCauley, 2013. "Global and euro imbalances: China and Germany," BIS Working Papers 424, Bank for International Settlements.
References listed on IDEAS
- Maurice Obstfeld, 2012.
"Does the Current Account Still Matter?,"
American Economic Review, American Economic Association, vol. 102(3), pages 1-23, May.
- Maurice Obstfeld, 2012. "Does the Current Account Still Matter?," NBER Working Papers 17877, National Bureau of Economic Research, Inc.
- Obstfeld, Maurice, 2012. "Does the Current Account Still Matter?," CEPR Discussion Papers 8888, C.E.P.R. Discussion Papers.
- Charles P. Kindleberger & Robert Z. Aliber, 2005. "Manias, Panics and Crashes," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-0-230-62804-5, December.
- International Monetary Fund, 2011. "Chile: Staff Report for the 2011 Article IV Consultation," IMF Staff Country Reports 2011/260, International Monetary Fund.
- Joshua Aizenman & Rajeswari Sengupta, 2011.
"Global Imbalances: Is Germany the New China? A Skeptical View,"
Open Economies Review, Springer, vol. 22(3), pages 387-400, July.
- Aizenman, Joshua & Sengupta, Rajeswari, 2010. "Global Imbalances: Is Germany the new China? A Skeptical View," Santa Cruz Department of Economics, Working Paper Series qt3zx245jn, Department of Economics, UC Santa Cruz.
- Sengupta, Rajeswari & Aizenman, Joshua, 2010. "Global imbalances: Is Germany the new China? A skeptical view," MPRA Paper 25578, University Library of Munich, Germany.
- Beblavý,Miroslav & Cobham,David & Ódor,L'udovít (ed.), 2011. "The Euro Area and the Financial Crisis," Cambridge Books, Cambridge University Press, number 9781107014749.
- Curcuru, Stephanie E. & Thomas, Charles P. & Warnock, Francis E., 2013.
"On returns differentials,"
Journal of International Money and Finance, Elsevier, vol. 36(C), pages 1-25.
- Stephanie E. Curcuru & Charles P. Thomas & Francis E. Warnock, 2013. "On Returns Differentials," NBER Working Papers 18866, National Bureau of Economic Research, Inc.
- Stephanie E. Curcuru & Charles P. Thomas & Francis E. Warnock, 2013. "On returns differentials," International Finance Discussion Papers 1077, Board of Governors of the Federal Reserve System (U.S.).
- Gian Maria Milesi-Ferretti, & Philip R. Lane, 2003.
"International Financial Integration,"
The Institute for International Integration Studies Discussion Paper Series
iiisdp03, IIIS.
- Milesi-Ferretti, Gian Maria & Lane, Philip, 2003. "International Financial Integration," CEPR Discussion Papers 3769, C.E.P.R. Discussion Papers.
- Philip R. Lane & G.M. Milesi-Ferretti, 2003. "International Financial Integration," Trinity Economics Papers 20031, Trinity College Dublin, Department of Economics.
- Mr. Philip R. Lane & Mr. Gian M Milesi-Ferretti, 2003. "International Financial Integration," IMF Working Papers 2003/086, International Monetary Fund.
- Bernanke, B.S., 2011.
"International capital flows and the returns to safe assets in the United States 2003-2007,"
Financial Stability Review, Banque de France, issue 15, pages 13-26, February.
- Ben S. Bernanke & Carol C. Bertaut & Steven B. Kamin & Laurie Pounder DeMarco, 2011. "International capital flows and the returns to safe assets in the United States, 2003-2007," International Finance Discussion Papers 1014, Board of Governors of the Federal Reserve System (U.S.).
- Guonan Ma & Wang Yi, 2010.
"China’s High Saving Rate: Myth and Reality,"
International Economics, CEPII research center, issue 122, pages 5-39.
- Guonan Ma & Wang Yi, 2010. "China's high saving rate: myth and reality," BIS Working Papers 312, Bank for International Settlements.
- Jörg Bibow & Andrea Terzi (ed.), 2007. "Euroland and the World Economy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37755-4, December.
- Salant, Stephen W & Henderson, Dale W, 1978. "Market Anticipations of Government Policies and the Price of Gold," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 627-648, August.
- Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2007.
"The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004,"
Journal of International Economics, Elsevier, vol. 73(2), pages 223-250, November.
- Milesi-Ferretti, Gian Maria & Lane, Philip, 2006. "The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004," CEPR Discussion Papers 5644, C.E.P.R. Discussion Papers.
- Mr. Philip R. Lane & Mr. Gian M Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004," IMF Working Papers 2006/069, International Monetary Fund.
- Philip R. Lane & Gian Maria Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities,1970–2004," The Institute for International Integration Studies Discussion Paper Series iiisdp126, IIIS.
- Olivier Blanchard & Francesco Giavazzi, 2002. "Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 147-210.
- Jorg Bibow, 2012. "The Euro Debt Crisis and Germany's Euro Trilemma," Economics Working Paper Archive wp_721, Levy Economics Institute.
- Pierre-Olivier Gourinchas & Helene Rey & Nicolas Govillot, 2010.
"Exorbitant Privilege and Exorbitant Duty,"
IMES Discussion Paper Series
10-E-20, Institute for Monetary and Economic Studies, Bank of Japan.
- Gourinchas, Pierre-Olivier & Rey, Hélène, 2022. "Exorbitant Privilege and Exorbitant Duty," CEPR Discussion Papers 16944, C.E.P.R. Discussion Papers.
- Gros, Daniel & Mayer, Thomas, 2012. "A Sovereign Wealth Fund to Lift Germany’s Curse of Excess Savings," CEPS Papers 7229, Centre for European Policy Studies.
- Pierre-Olivier Gourinchas & Hélène Rey, 2007.
"From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege,"
NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 11-66,
National Bureau of Economic Research, Inc.
- Rey, Hélène & Gourinchas, Pierre-Olivier, 2005. "From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege," CEPR Discussion Papers 5220, C.E.P.R. Discussion Papers.
- Pierre-Olivier Gourinchas & Hélène Rey, 2005. "From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege," NBER Working Papers 11563, National Bureau of Economic Research, Inc.
- Gourinchas, Pierre-Olivier & Rey, Hélène, 2005. "From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege," CEPREMAP Working Papers (Docweb) 0606, CEPREMAP.
- Habib, Maurizio Michael, 2010. "Excess returns on net foreign assets: the exorbitant privilege from a global perspective," Working Paper Series 1158, European Central Bank.
- Lane, Philip & Milesi-Ferretti, Gian Maria, "undated". "External Wealth of Nations," Instructional Stata datasets for econometrics extwealth, Boston College Department of Economics.
- Guonan Ma & Robert McCauley & Lillie Lam, 2013. "The Roles of Saving, Investment and the Renminbi in Rebalancing the Chinese Economy," Review of International Economics, Wiley Blackwell, vol. 21(1), pages 72-84, February.
- Ma, Guonan & McCauley, Robert N., 2013.
"Is China or India more financially open?,"
Journal of International Money and Finance, Elsevier, vol. 39(C), pages 6-27.
- Guonan Ma & Robert N McCauley, 2013. "Is China or India more financially open?," BIS Working Papers 410, Bank for International Settlements.
- Claudio Borio & Piti Disyatat, 2011. "Global imbalances and the financial crisis: Link or no link?," BIS Working Papers 346, Bank for International Settlements.
- Hyun Song Shin, 2012. "Global Banking Glut and Loan Risk Premium," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 60(2), pages 155-192, July.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Stefan Behrendt, 2014. "The Fiscal Compact and Current Account Patterns in Europe," Global Financial Markets Working Paper Series 2014-52, Friedrich-Schiller-University Jena.
- Claudio Borio & Harold James & Hyun Song Shin, 2014.
"The international monetary and financial system: a capital account historical perspective,"
BIS Working Papers
457, Bank for International Settlements.
- Claudio Borio & Harold James & Hyun Song Shin, 2014. "The international monetary and financial system: a capital account historical perspective," Globalization Institute Working Papers 204, Federal Reserve Bank of Dallas.
- Storm, Servaas & Naastepad, C.W.M., 2015. "Crisis and recovery in the German economy: The real lessons," Structural Change and Economic Dynamics, Elsevier, vol. 32(C), pages 11-24.
- Servaas Storm & C.W.M. Naastepad, 2015. "NAIRU economics and the Eurozone crisis," International Review of Applied Economics, Taylor & Francis Journals, vol. 29(6), pages 843-877, November.
- Wijngaards, Indy & Hendriks, Martijn & Burger, Martijn J., 2019. "Steering towards happiness: An experience sampling study on the determinants of happiness of truck drivers," Transportation Research Part A: Policy and Practice, Elsevier, vol. 128(C), pages 131-148.
- Kalair, A. & Abas, N. & Khan, N., 2016. "Comparative study of HVAC and HVDC transmission systems," Renewable and Sustainable Energy Reviews, Elsevier, vol. 59(C), pages 1653-1675.
- Claudio Borio, 2014.
"The international monetary and financial system: its Achilles heel and what to do about it,"
Globalization Institute Working Papers
203, Federal Reserve Bank of Dallas.
- Claudio Borio, 2014. "The international monetary and financial system: its Achilles heel and what to do about it," BIS Working Papers 456, Bank for International Settlements.
- Servaas Storm & C.W.M. Naastepad, 2015. "Crisis and Recovery in the German Economy: The Real Lessons," Working Papers Series 10, Institute for New Economic Thinking.
- Rainer Frey & Ulrich Grosch & Alexander Lipponer, 2014. "Fallstricke bei der Bestimmung von Vermögensverlusten deutscher Anleger im Ausland," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 94(11), pages 806-812, November.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Gourinchas, Pierre-Olivier & Rey, Hélène, 2014.
"External Adjustment, Global Imbalances, Valuation Effects,"
Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 585-645,
Elsevier.
- Gourinchas, Pierre-Olivier & Rey, Helene, 2014. "External Adjustment, Global Imbalances, Valuation Effects," Department of Economics, Working Paper Series qt2k77x6tn, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Thomas A. Knetsch & Arne J. Nagengast, 2017.
"Penny wise and pound foolish? On the income from Germany’s foreign investments,"
Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 153(4), pages 753-778, November.
- Knetsch, Thomas A. & Nagengast, Arne J., 2016. "On the dynamics of the investment income balance," Discussion Papers 21/2016, Deutsche Bundesbank.
- Rogoff, Kenneth S. & Tashiro, Takeshi, 2015.
"Japan’s exorbitant privilege,"
Journal of the Japanese and International Economies, Elsevier, vol. 35(C), pages 43-61.
- Kenneth Rogoff & Takeshi Tashiro, "undated". "Japan's Exorbitant Privilege," Working Paper 188831, Harvard University OpenScholar.
- Kenneth S. ROGOFF & TASHIRO Takeshi, 2014. "Japan's Exorbitant Privilege," Discussion papers 14047, Research Institute of Economy, Trade and Industry (RIETI).
- McCauley, Robert N., 2015. "Does the US dollar confer an exorbitant privilege?," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 1-14.
- van Hombeeck, Carlos Eduardo, 2020.
"An exorbitant privilege in the first age of international financial integration?,"
Journal of International Money and Finance, Elsevier, vol. 101(C).
- Eduardo van Hombeeck, Carlos, 2017. "An exorbitant privilege in the first age of international financial integration," Bank of England working papers 668, Bank of England.
- Mileva, Mariya, 2015. "Valuation effects and long-run real exchange rate dynamics," Journal of International Money and Finance, Elsevier, vol. 51(C), pages 390-408.
- Devereux, Michael B. & Saito, Makoto & Yu, Changhua, 2020. "International capital flows, portfolio composition, and the stability of external imbalances," Journal of International Economics, Elsevier, vol. 127(C).
- Philip Lane, 2013.
"Financial Globalisation and the Crisis,"
Open Economies Review, Springer, vol. 24(3), pages 555-580, July.
- Philip R. Lane, 2012. "Financial Globalisation and the Crisis," BIS Working Papers 397, Bank for International Settlements.
- Ricardo J. Caballero & Alp Simsek, 2020.
"A Model of Fickle Capital Flows and Retrenchment,"
Journal of Political Economy, University of Chicago Press, vol. 128(6), pages 2288-2328.
- Ricardo J. Caballero & Alp Simsek, 2016. "A Model of Fickle Capital Flows and Retrenchment," NBER Working Papers 22751, National Bureau of Economic Research, Inc.
- ÅžimÅŸek, Alp & Caballero, Ricardo, 2019. "A Model of Fickle Capital Flows and Retrenchment," CEPR Discussion Papers 13819, C.E.P.R. Discussion Papers.
- Rogoff, Kenneth S. & Tashiro, Takeshi, 2015. "Japan’s exorbitant privilege," Scholarly Articles 34299169, Harvard University Department of Economics.
- Fiedler, Salomon & Görg, Holger & Hornok, Cecília & Jannsen, Nils & Kooths, Stefan & Marchal, Léa & Potjagailo, Galina, 2018. "Direktinvestitionen im Ausland - Effekte auf die deutsche Leistungsbilanz und Spillovers in den Empfängerländern," Kieler Beiträge zur Wirtschaftspolitik 16, Kiel Institute for the World Economy (IfW Kiel).
- Al-Saffar, Yaser & Ridinger, Wolfgang & Whitaker, Simon, 2015. "Financial Stability Paper No 24: The role of external balance sheets in the financial crisis," Bank of England Financial Stability Papers 24, Bank of England.
- Herrmann, Sabine & Kleinert, Jörn, 2014. "Lucas paradox and allocation puzzle: Is the euro area different?," Discussion Papers 06/2014, Deutsche Bundesbank.
- Broner, Fernando & Didier, Tatiana & Schmukler, Sergio L. & von Peter, Goetz, 2023.
"Bilateral international investments: The big sur?,"
Journal of International Economics, Elsevier, vol. 145(C).
- Broner,Fernando & Didier Brandao,Tatiana & Schmukler,Sergio L. & von Peter,Goetz, 2020. "Bilateral International Investments : The Big Sur ?," Policy Research Working Paper Series 9501, The World Bank.
- Fernando Broner & Tatiana Didier & Sergio L Schmukler & Goetz von Peter, 2020. "Bilateral International Investments: the Big Sur?," BIS Working Papers 911, Bank for International Settlements.
- Fernando Broner & Tatiana Didier & Sergio L. Schmukler & Goetz von Peter, 2023. "Bilateral International Investments:The Big Sur?," Mo.Fi.R. Working Papers 181, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
- Fernando Broner & Tatiana Didier & Sergio L. Schmukler & Goetz von Peter, 2020. "Bilateral international investments: The big sur?," Economics Working Papers 1760, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 2023.
- Fernando Broner & Tatiana Didier & Sergio L. Schmukler & Goetz von Peter, 2020. "Bilateral International Investments: The Big Sur?," Working Papers 1226, Barcelona School of Economics.
- Broner, Fernando & Didier, Tatiana & Schmukler, Sergio L. & von Peter, Goetz, 2022. "Bilateral International Investments: The Big Sur?," CEPR Discussion Papers 17656, C.E.P.R. Discussion Papers.
- Cavallo, Eduardo & Powell, Andrew & Pedemonte, Mathieu & Tavella, Pilar, 2015.
"A new taxonomy of Sudden Stops: Which Sudden Stops should countries be most concerned about?,"
Journal of International Money and Finance, Elsevier, vol. 51(C), pages 47-70.
- Tavella, Pilar & Pedemonte, Mathieu & Powell, Andrew & Cavallo, Eduardo A., 2013. "A New Taxonomy of Sudden Stops: Which Sudden Stops Should Countries Be Most Concerned About?," IDB Publications (Working Papers) 4606, Inter-American Development Bank.
- Eduardo A. Cavallo & Andrew Powell & Mathieu Pedemonte & Pilar Tavella, 2013. "A New Taxonomy of Sudden Stops: Which Sudden Stops Should Countries Be Most Concerned About?," Research Department Publications IDB-WP-430, Inter-American Development Bank, Research Department.
- D.D. Evans, Martin, 2017.
"External balances, trade and financial conditions,"
Journal of International Economics, Elsevier, vol. 107(C), pages 165-184.
- Martin D D Evans, 2015. "External Balances, Trade and Financial Conditions," Working Papers gueconwpa~15-15-08, Georgetown University, Department of Economics.
- Evans, Martin, 2015. "External Balances, Trade and Financial Conditions," MPRA Paper 66201, University Library of Munich, Germany.
- Kumhof, Michael & Sokol, Andrej & Rungcharoenkitkul, Phurichai, 2020.
"How Does International Capital Flow?,"
CEPR Discussion Papers
15526, C.E.P.R. Discussion Papers.
- Kumhof, Michael & Rungcharoenkitkul, Phurichai & Sokol, Andrej, 2021. "How Does International Capital Flow?," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242328, Verein für Socialpolitik / German Economic Association.
- Michael Kumhof & Phurichai Rungcharoenkitkul & Andrej Sokol, 2020. "How does international capital flow?," BIS Working Papers 890, Bank for International Settlements.
- Kumhof, Michael & Rungcharoenkitkul, Phurichai & Sokol, Andrej, 2020. "How does international capital flow?," Bank of England working papers 884, Bank of England, revised 19 Nov 2020.
- Bergant, Katharina, 2021. "The role of stock-flow adjustment during the global financial crisis," Journal of International Money and Finance, Elsevier, vol. 110(C).
- Philip R. Lane, 2013.
"Growth And Adjustment Challenges For The Euro Area,"
The Economic and Social Review, Economic and Social Studies, vol. 44(2), pages 273-295.
- Philip R. Lane, 2013. "Growth and Adjustment Challenge for the Euro Area," The Institute for International Integration Studies Discussion Paper Series iiisdp426, IIIS.
- Philip R. Lane, 2013. "Growth and Adjustment Challenge for the Euro Area," The Institute for International Integration Studies Discussion Paper Series iiisdp427, IIIS.
More about this item
Keywords
Global imbalances; current account; capital account; saving and investment; international assets and liabilities; distribution of income; world banker.;All these keywords.
JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:erf:erfftc:1-2. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dragana Popovic (email available below). General contact details of provider: https://edirc.repec.org/data/suerfea.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.