The paper looks into emergence of external imbalances and economy’s adjustment to them. We find that Russian economy adjusts mainly via increase or decrease of domestic demand (resulting in substantial risks and losses of production), while capacity of adjustment via exchange rate channel is...

External imbalances played a pivotal role in the run-up to the global financial crisis, being an important underlying cause of the ensuing turmoil. While current account (flow) imbalances have narrowed in the aftermath of the crisis, net international investment position (stock) imbalances still...

Consider two views of the global financial crisis. One view looks across the border: it blames external imbalances, the unprecedented current account deficits and surpluses in recent years. Another view looks within the border: it faults domestic financial systems where risks originated in...

Chapter 1. Introduction -- Chapter 2. Organisation of the G20 Finance Track -- Chapter 3. Political economy shapes strategies of countries -- Chapter 4. Evolution of the Finance Tracks agendas -- Chapter 5. Financial Regulation and G20 -- Chapter 6. International Financial Institutions and...

Evento: International Symposium on Central Bank Independence. Organizado por: Sveriges Riksbank ; There needs to be an appropriate balance between globally-agreed decisions and national measures. This is the approach that has always been pursued by the Basel Committee. It comprises: (i) a common...