Rebalancing the Global Economy: A Primer for Policymaking
Edited by Stijn Claessens, Simon Evenett and Bernard Hoekman
Published 23 June 2010
1 Editors Overview
Stijn Claessens, Simon Evenett and Bernard Hoekman
PART 1 How large are contemporary current account imbalances? Why do they persist?
3 Adjustment in global imbalances and the future of trade growth
3 On the causes of global imbalances and their persistence: Myths, facts and conjectures
4 Rebalancing in East Asia
Linda Y.C. Lim
PART 2 What are the systemic costs of imbalances?
5 The costs of global imbalances
6 External imbalances: Costs and consequences of unsustainable trajectories
Catherine L. Mann
7 International imbalances balance risk
Michael Dooley and Peter Garber
PART 3 What are the lessons from previous attempts to rebalance the global economy?
8 The history of tackling current account imbalances
9 Surplus reversals in large nations: The cases of France and Great Britain in the interwar period
Christopher M. Meissner
PART 4 What would rebalancing entail? Which policies must change? Is collective action needed?
10 Does the rise of the BRICs and the credit crisis make it easier to rebalance the world economy? Yes!
11 Exchange rates to support global rebalancing
John Williamson and William R. Cline
12 Why exchange rate changes will not correct global trade imbalances
Ronald I. McKinnon
13 This time will be different? Addressing the unsound post-crisis drivers of global imbalances
14 Asia’s role in global rebalancing
15 Prospects for rebalancing growth in East Asia
Yung Chul Park
16 Global rebalancing: An Indian perspective
17 Rebalancing the global economy: A view from the BRICs
18 Rebalancing the Eurozone and national competitiveness
Filippo di Mauro, Katrin Forster
19 A commercial policy package for rebalancing the global economy?
Przemyslaw Kowalski and Molly Lesher
20 Rebalancing will require supply side policy changes, but pitfalls abound
Vinod K Aggarwal and Simon J Evenett
PART 5 The political viability of rebalancing
21 The political economy of rebalancing
Jeffry A Frieden
22 China-US imbalances and Europe’s fiscal crisis: Plus ça change?
PART 6 Are new system-wide accords needed to promote rebalancing or to discourage persistent imbalances?
23 Global governance: Pre and post crisis
Mohamed A El-Erian and Michael Spence
24 Keynes, global imbalances, and international monetary reform, today
Vijay Joshi, Robert Skidelsky
25 Rebalancing: A lesson from the 1940s
26 Persistent global imbalances
Anne O Krueger
27 International financial safety nets and global imbalances
28 Managing global imbalances: Is it time to consider some form of sanctions?
Heribert Dieter and Richard Higgott