Rebalancing the Global Economy: A Primer for Policymaking

Stijn Claessens, Simon Evenett, Bernard Hoekman 23 June 2010

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Contents

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
Caroline Freund

3 On the causes of global imbalances and their persistence: Myths, facts and conjectures
Joshua Aizenman

4 Rebalancing in East Asia
Linda Y.C. Lim

PART 2 What are the systemic costs of imbalances?

5 The costs of global imbalances
Richard Portes

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
Harold James

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!
Jim O’Neill

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
Kati Suominen

14 Asia’s role in global rebalancing
Jong-Wha Lee

15 Prospects for rebalancing growth in East Asia
Yung Chul Park

16 Global rebalancing: An Indian perspective
Suman Bery

17 Rebalancing the global economy: A view from the BRICs
Ilan Goldfajn

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?
Geoffrey Garrett

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
Ann Capling

26 Persistent global imbalances
Anne O Krueger

27 International financial safety nets and global imbalances
Olivier Jeanne

28 Managing global imbalances: Is it time to consider some form of sanctions?

Heribert Dieter and Richard Higgott

Head of Financial Stability Policy and Deputy Head of Monetary and Economic Department, Bank for International Settlements, and CEPR Research Fellow.

Professor of International Trade, University of St. Gallen; Research Fellow, CEPR

Professor and Director of Global Economics, Robert Schuman Centre for Advanced Studies, European University Institute; Research Fellow, CEPR

Events

  • 17 - 18 August 2019 / Peking University, Beijing / Chinese University of Hong Kong – Tsinghua University Joint Research Center for Chinese Economy, the Institute for Emerging Market Studies at Hong Kong University of Science and Technology, the Guanghua School of Management at Peking University, the Stanford Center on Global Poverty and Development at Stanford University, the School of Economics and Management at Tsinghua University, BREAD, NBER and CEPR
  • 19 - 20 August 2019 / Vienna, Palais Coburg / WU Research Institute for Capital Markets (ISK)
  • 29 - 30 August 2019 / Galatina, Italy /
  • 4 - 5 September 2019 / Roma Eventi, Congress Center, Pontificia Università Gregoriana Piazza della Pilotta, 4, Rome, Italy / European Center of Sustainable Development , CIT University
  • 9 - 14 September 2019 / Guildford, Surrey, UK / The University of Surrey

CEPR Policy Research