Back to Global Imbalances?
The 2008-2009 financial crisis has shaken the prevailing equilibrium of the global economy, with a collapse in capital flows and international trade. How will the post-crisis constellation of current account imbalances look? Will the world resume financing the United States (US), and continue sustaining large external imbalances there? Contrary to what many expected, some forces unleashed by the crisis have kept US assets attractive and the dollar strong, decreasing the need for an immediate reduction of global imbalances. Over the long run, however, real sector and financial sector forces are likely to impose a correction, perhaps involving a depreciation of the dollar and a major reallocation of international portfolios.
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dig-okr-10986109762021-04-23T14:02:53Z Back to Global Imbalances? de la Torre, Augusto Schmukler, Sergio L. Servén, Luis ADVANCED ECONOMIES AGGREGATE DEMAND APR ASSET HOLDINGS ASSET PRICES ASSET VALUES ASSETS BALANCE SHEET BANK BONDS BANK DEPOSITS BOND PRICES BORROWER BUFFERS CAPITAL FLOWS CAPITAL INFLOWS COMMODITY COMMODITY PRICES CORPORATE BONDS CREDIT FACILITIES CREDIT RISK CREDITOR CREDITWORTHINESS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DIFFERENT CURRENCIES DOWNWARD PRESSURE DURABLE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BONDS EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPANSIONARY POLICIES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET ACCUMULATION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN LENDERS FOREIGN STOCKS GDP GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL TRADE GOVERNMENT ACTIONS GOVERNMENT BOND HOLDINGS INDUSTRIAL COUNTRIES INFLATION INSURANCE INTEREST RATES INTERNATIONAL INVESTORS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL PORTFOLIOS INTERNATIONAL TRADE LENDER LENDER OF LAST RESORT MARKET HOLDINGS MONEY MARKET MONEY MARKET FUNDS NET DEBT PORTFOLIO PRIVATE CONSUMPTION REAL ESTATE REAL EXCHANGE RATE RESERVE CURRENCIES RESERVE CURRENCY RESERVES RETURN RISK AVERSION RISKY ASSETS SAFETY NETS SAVINGS SAVINGS RATES SECURITIES STOCK PRICES STOCKS SURPLUS SURPLUS COUNTRIES T-BILLS TRADE SURPLUSES TRADING TRADING PARTNERS TREASURY UNDERDEVELOPED COUNTRIES WEAK ASSET WEALTH WEALTH EFFECT WORLD ECONOMY The 2008-2009 financial crisis has shaken the prevailing equilibrium of the global economy, with a collapse in capital flows and international trade. How will the post-crisis constellation of current account imbalances look? Will the world resume financing the United States (US), and continue sustaining large external imbalances there? Contrary to what many expected, some forces unleashed by the crisis have kept US assets attractive and the dollar strong, decreasing the need for an immediate reduction of global imbalances. Over the long run, however, real sector and financial sector forces are likely to impose a correction, perhaps involving a depreciation of the dollar and a major reallocation of international portfolios. 2012-08-13T13:45:18Z 2012-08-13T13:45:18Z 2009-07 http://documents.worldbank.org/curated/en/2009/07/11953770/back-global-imbalances http://hdl.handle.net/10986/10976 English Latin America and the Caribbean Region (LCR) Crisis Briefs CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research Latin America & Caribbean |
| institution |
Banco Mundial |
| collection |
DSpace |
| country |
Estados Unidos |
| countrycode |
US |
| component |
Bibliográfico |
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En linea |
| databasecode |
dig-okr |
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biblioteca |
| region |
America del Norte |
| libraryname |
Biblioteca del Banco Mundial |
| language |
English |
| topic |
ADVANCED ECONOMIES AGGREGATE DEMAND APR ASSET HOLDINGS ASSET PRICES ASSET VALUES ASSETS BALANCE SHEET BANK BONDS BANK DEPOSITS BOND PRICES BORROWER BUFFERS CAPITAL FLOWS CAPITAL INFLOWS COMMODITY COMMODITY PRICES CORPORATE BONDS CREDIT FACILITIES CREDIT RISK CREDITOR CREDITWORTHINESS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DIFFERENT CURRENCIES DOWNWARD PRESSURE DURABLE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BONDS EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPANSIONARY POLICIES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET ACCUMULATION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN LENDERS FOREIGN STOCKS GDP GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL TRADE GOVERNMENT ACTIONS GOVERNMENT BOND HOLDINGS INDUSTRIAL COUNTRIES INFLATION INSURANCE INTEREST RATES INTERNATIONAL INVESTORS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL PORTFOLIOS INTERNATIONAL TRADE LENDER LENDER OF LAST RESORT MARKET HOLDINGS MONEY MARKET MONEY MARKET FUNDS NET DEBT PORTFOLIO PRIVATE CONSUMPTION REAL ESTATE REAL EXCHANGE RATE RESERVE CURRENCIES RESERVE CURRENCY RESERVES RETURN RISK AVERSION RISKY ASSETS SAFETY NETS SAVINGS SAVINGS RATES SECURITIES STOCK PRICES STOCKS SURPLUS SURPLUS COUNTRIES T-BILLS TRADE SURPLUSES TRADING TRADING PARTNERS TREASURY UNDERDEVELOPED COUNTRIES WEAK ASSET WEALTH WEALTH EFFECT WORLD ECONOMY ADVANCED ECONOMIES AGGREGATE DEMAND APR ASSET HOLDINGS ASSET PRICES ASSET VALUES ASSETS BALANCE SHEET BANK BONDS BANK DEPOSITS BOND PRICES BORROWER BUFFERS CAPITAL FLOWS CAPITAL INFLOWS COMMODITY COMMODITY PRICES CORPORATE BONDS CREDIT FACILITIES CREDIT RISK CREDITOR CREDITWORTHINESS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DIFFERENT CURRENCIES DOWNWARD PRESSURE DURABLE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BONDS EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPANSIONARY POLICIES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET ACCUMULATION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN LENDERS FOREIGN STOCKS GDP GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL TRADE GOVERNMENT ACTIONS GOVERNMENT BOND HOLDINGS INDUSTRIAL COUNTRIES INFLATION INSURANCE INTEREST RATES INTERNATIONAL INVESTORS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL PORTFOLIOS INTERNATIONAL TRADE LENDER LENDER OF LAST RESORT MARKET HOLDINGS MONEY MARKET MONEY MARKET FUNDS NET DEBT PORTFOLIO PRIVATE CONSUMPTION REAL ESTATE REAL EXCHANGE RATE RESERVE CURRENCIES RESERVE CURRENCY RESERVES RETURN RISK AVERSION RISKY ASSETS SAFETY NETS SAVINGS SAVINGS RATES SECURITIES STOCK PRICES STOCKS SURPLUS SURPLUS COUNTRIES T-BILLS TRADE SURPLUSES TRADING TRADING PARTNERS TREASURY UNDERDEVELOPED COUNTRIES WEAK ASSET WEALTH WEALTH EFFECT WORLD ECONOMY |
| spellingShingle |
ADVANCED ECONOMIES AGGREGATE DEMAND APR ASSET HOLDINGS ASSET PRICES ASSET VALUES ASSETS BALANCE SHEET BANK BONDS BANK DEPOSITS BOND PRICES BORROWER BUFFERS CAPITAL FLOWS CAPITAL INFLOWS COMMODITY COMMODITY PRICES CORPORATE BONDS CREDIT FACILITIES CREDIT RISK CREDITOR CREDITWORTHINESS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DIFFERENT CURRENCIES DOWNWARD PRESSURE DURABLE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BONDS EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPANSIONARY POLICIES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET ACCUMULATION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN LENDERS FOREIGN STOCKS GDP GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL TRADE GOVERNMENT ACTIONS GOVERNMENT BOND HOLDINGS INDUSTRIAL COUNTRIES INFLATION INSURANCE INTEREST RATES INTERNATIONAL INVESTORS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL PORTFOLIOS INTERNATIONAL TRADE LENDER LENDER OF LAST RESORT MARKET HOLDINGS MONEY MARKET MONEY MARKET FUNDS NET DEBT PORTFOLIO PRIVATE CONSUMPTION REAL ESTATE REAL EXCHANGE RATE RESERVE CURRENCIES RESERVE CURRENCY RESERVES RETURN RISK AVERSION RISKY ASSETS SAFETY NETS SAVINGS SAVINGS RATES SECURITIES STOCK PRICES STOCKS SURPLUS SURPLUS COUNTRIES T-BILLS TRADE SURPLUSES TRADING TRADING PARTNERS TREASURY UNDERDEVELOPED COUNTRIES WEAK ASSET WEALTH WEALTH EFFECT WORLD ECONOMY ADVANCED ECONOMIES AGGREGATE DEMAND APR ASSET HOLDINGS ASSET PRICES ASSET VALUES ASSETS BALANCE SHEET BANK BONDS BANK DEPOSITS BOND PRICES BORROWER BUFFERS CAPITAL FLOWS CAPITAL INFLOWS COMMODITY COMMODITY PRICES CORPORATE BONDS CREDIT FACILITIES CREDIT RISK CREDITOR CREDITWORTHINESS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DIFFERENT CURRENCIES DOWNWARD PRESSURE DURABLE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BONDS EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPANSIONARY POLICIES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET ACCUMULATION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN LENDERS FOREIGN STOCKS GDP GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL TRADE GOVERNMENT ACTIONS GOVERNMENT BOND HOLDINGS INDUSTRIAL COUNTRIES INFLATION INSURANCE INTEREST RATES INTERNATIONAL INVESTORS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL PORTFOLIOS INTERNATIONAL TRADE LENDER LENDER OF LAST RESORT MARKET HOLDINGS MONEY MARKET MONEY MARKET FUNDS NET DEBT PORTFOLIO PRIVATE CONSUMPTION REAL ESTATE REAL EXCHANGE RATE RESERVE CURRENCIES RESERVE CURRENCY RESERVES RETURN RISK AVERSION RISKY ASSETS SAFETY NETS SAVINGS SAVINGS RATES SECURITIES STOCK PRICES STOCKS SURPLUS SURPLUS COUNTRIES T-BILLS TRADE SURPLUSES TRADING TRADING PARTNERS TREASURY UNDERDEVELOPED COUNTRIES WEAK ASSET WEALTH WEALTH EFFECT WORLD ECONOMY de la Torre, Augusto Schmukler, Sergio L. Servén, Luis Back to Global Imbalances? |
| description |
The 2008-2009 financial crisis has
shaken the prevailing equilibrium of the global economy,
with a collapse in capital flows and international trade.
How will the post-crisis constellation of current account
imbalances look? Will the world resume financing the United
States (US), and continue sustaining large external
imbalances there? Contrary to what many expected, some
forces unleashed by the crisis have kept US assets
attractive and the dollar strong, decreasing the need for an
immediate reduction of global imbalances. Over the long run,
however, real sector and financial sector forces are likely
to impose a correction, perhaps involving a depreciation of
the dollar and a major reallocation of international portfolios. |
| format |
Publications & Research :: Brief |
| topic_facet |
ADVANCED ECONOMIES AGGREGATE DEMAND APR ASSET HOLDINGS ASSET PRICES ASSET VALUES ASSETS BALANCE SHEET BANK BONDS BANK DEPOSITS BOND PRICES BORROWER BUFFERS CAPITAL FLOWS CAPITAL INFLOWS COMMODITY COMMODITY PRICES CORPORATE BONDS CREDIT FACILITIES CREDIT RISK CREDITOR CREDITWORTHINESS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DIFFERENT CURRENCIES DOWNWARD PRESSURE DURABLE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET BONDS EMERGING MARKETS EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPANSIONARY POLICIES EXPORTERS EXPORTS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET ACCUMULATION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN LENDERS FOREIGN STOCKS GDP GLOBAL CURRENT ACCOUNT IMBALANCES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL TRADE GOVERNMENT ACTIONS GOVERNMENT BOND HOLDINGS INDUSTRIAL COUNTRIES INFLATION INSURANCE INTEREST RATES INTERNATIONAL INVESTORS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL PORTFOLIOS INTERNATIONAL TRADE LENDER LENDER OF LAST RESORT MARKET HOLDINGS MONEY MARKET MONEY MARKET FUNDS NET DEBT PORTFOLIO PRIVATE CONSUMPTION REAL ESTATE REAL EXCHANGE RATE RESERVE CURRENCIES RESERVE CURRENCY RESERVES RETURN RISK AVERSION RISKY ASSETS SAFETY NETS SAVINGS SAVINGS RATES SECURITIES STOCK PRICES STOCKS SURPLUS SURPLUS COUNTRIES T-BILLS TRADE SURPLUSES TRADING TRADING PARTNERS TREASURY UNDERDEVELOPED COUNTRIES WEAK ASSET WEALTH WEALTH EFFECT WORLD ECONOMY |
| author |
de la Torre, Augusto Schmukler, Sergio L. Servén, Luis |
| author_facet |
de la Torre, Augusto Schmukler, Sergio L. Servén, Luis |
| author_sort |
de la Torre, Augusto |
| title |
Back to Global Imbalances? |
| title_short |
Back to Global Imbalances? |
| title_full |
Back to Global Imbalances? |
| title_fullStr |
Back to Global Imbalances? |
| title_full_unstemmed |
Back to Global Imbalances? |
| title_sort |
back to global imbalances? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2009-07 |
| url |
http://documents.worldbank.org/curated/en/2009/07/11953770/back-global-imbalances http://hdl.handle.net/10986/10976 |
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AT delatorreaugusto backtoglobalimbalances AT schmuklersergiol backtoglobalimbalances AT servenluis backtoglobalimbalances |
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1756572379115421696 |