and Eastern Europe. These countries have experienced large current account imbalances in the transition to a market … economy. We consider a wide range of macroeconomic factors that may indicate whether such imbalances are sustainable. We find … financial systems, large fiscal imbalances, low foreign reserves, increasing foreign debt and foreign debt-burden ratios …

in the US post-bubble period. But the US has worse fiscal and current account imbalances than Japan had at the same stage …

the current situation of global imbalances. The main findings may be summarized as follows: (a) There is an important … resolution of global imbalances. This means that, even if there is a realignment of global growth, the world is likely to need … if global imbalances are to be resolved …

Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area … of each of the imbalances require a real exchange rate adjustment. According to the estimates, a large part of the U …

This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new …-through" approach towards the Eurozone crisis. We review several manifestations of this muddling through process. Greater mobility of … mature institutions in the Eurozone …