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Capital Flows, the Current Account, and the Real Exchange Rate : Consequences of Liberalization and Stabilization

Obstfeld, Maurice - 1984

This paper develops a dynamic framework in which macroeconomic liberalization and stabilization measures of the type recently seen in Latin America can be studied. The model is sufficiently general to cover both polar cases of a closed capital account and free private capital mobility, so the...

Persistent link: https://www.econbiz.de/10012477560

Financial Crises, Credit Booms, and External Imbalances : 140 Years of Lessons

Jordà, Òscar - 2010

Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed …

Persistent link: https://www.econbiz.de/10012462090

Current Account Reversals : Always a Problem?

Eichengreen, Barry - 2005

and pre-World War I gold standard eras …

Persistent link: https://www.econbiz.de/10012467043

External Adjustment

Obstfeld, Maurice - 2004

Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the...

Persistent link: https://www.econbiz.de/10012467846

Global Imbalances and the Lessons of Bretton Woods

Eichengreen, Barry - 2004

interest. This image of the current system as Bretton Woods reborn also overlooks how the world has changed since the 1960s … resembling the Bretton Woods System, it is not long for this world …

Persistent link: https://www.econbiz.de/10012468196

A Century of Current Account Dynamics

Taylor, Alan M. - 2002

Recent globalization trends have refocused attention on the historical evolution of international capital mobility over the long run. The issue is examined here using time-series analysis of current-account dynamics for fifteen countries since circa 1850. The inter-war period emerges as an era...

Persistent link: https://www.econbiz.de/10012469787

External Imbalances and Financial Crises

Taylor, Alan M. - 2012

In broad perspective, there have been essentially two competing views of the global financial crisis, albeit there are some complementarities among them. One view looks across the border: it mainly blames external imbalances, the large-scale mix of unprecedented pattern current account deficits...

Persistent link: https://www.econbiz.de/10012460056

Does the Current Account Still Matter?

Obstfeld, Maurice - 2012

Do global current account imbalances still matter in a world of deep international financial markets where gross two …" view of the world, large current account imbalances, while very possibly warranted by fundamentals and welcome, can also … increasingly big valuation changes in countries' net international investment positions, while potentially important in risk …

Persistent link: https://www.econbiz.de/10012460782

A Forensic Analysis of Global Imbalances

Chinn, Menzie D. - 2011

We examine whether the behavior of current account balances changed in the years preceding the global crisis of 2008-09, and assess the prospects for global imbalances in the post-crisis period. Changes in the budget balance are an important factor affecting current account balances for deficit...

Persistent link: https://www.econbiz.de/10012461144