Europe and global imbalances

Economic Policy

Volumn 22, Issue 51, 2007, Pages 519-573

  Lane, Philip R ^a   Milesi Ferretti, Gian Maria ^a  

^a CEPR   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

ASSESSMENT METHOD; ECONOMIC IMPACT; FINANCIAL SYSTEM; MACROECONOMICS; TRADE;

EURASIA; EUROPE;

EID: 34548229426     PISSN: 02664658     EISSN: 14680327     Source Type: Journal    
DOI: 10.1111/j.1468-0327.2007.00184.x     Document Type: Article

References (52)

1. Bayoumi, T., J. Lee and S. Jayanthi (2005). 'New rates for new weights', IMF Working Paper 05/99, May.
2. Blanchard, O. (2006). 'Adjustment within the euro: The difficult case of Portugal', mimeo, MIT.
3. Blanchard, O., F. Giavazzi and F. Sa (2005). 'International investors: The U.S. current account, and the dollar', Brookings Papers on Economic Activity, 1, 1-65.
4. Caballero, R., E. Farhi and P.O. Gourinchas (2005). 'An equilibrium model of "global imbalances"and low interest rates', mimeo, MIT, September.
5. Campbell, J., K. Serfaty-de Medeiros and L. Viceira (2006). 'Global currency hedging', mimeo, Harvard University.
6. Cavallo, M., and C. Tille (2006). 'Could capital gains smooth a current account rebalancing?', Federal Reserve Bank of New York Staff Report 237.
7. Chinn, M., and J. Frankel (2007). 'Will the euro eventually surpass the dollar as leading international reserve currency?' in R. Clarida (ed.), G7 Current Account Imbalances: Sustainability and Adjustment, Chicago University Press, Chicago, 283-322.
8. Coeurdacier, N. (2006). 'Do trade costs in goods market lead to home bias in equities?', Essec Business School.
9. Devereux, M.B., and C. Engel (2006). 'Expectations and exchange rate policy', mimeo, University of British Columbia and University of Wisconsin.
10. Devereux, M.B., and A. Sutherland (2006). 'Country portfolios in open economy macro models', mimeo, University of British Columbia and St Andrews University.
11. Dooley, M., D. Folkerts-Landau and P. Garber (2004). 'The revised Bretton Woods system', International Journal of Finance and Economics, 9(4), 307-13.
12. Eichengreen, B., and Yung Chul Park (2006). 'Global imbalances: Implications for emerging Asia and Latin America', mimeo, UC-Berkeley.
13. Elliott, J., and E. Wong Min (2004). 'The external balance sheet of the United Kingdom: Recent developments', Bank of England Quarterly Bulletin, Winter.
14. Engel, C., and A. Matsumoto (2006). 'Portfolio choice in a monetary open-economy DSGE model', NBER Working Paper 12214, May.
15. Engel, C., and J. Rogers (2006). 'The U.S. current account deficit and the expected share of world output', Journal of Monetary Economics, 53, 1063-93.
16. Erceg, C., L. Guerrieri and C. Gust (2005). 'SIGMA: A new open economy model for policy analysis', Federal Reserve Board, International Finance Discussion Paper 835.
17. ECB (European Central Bank) (2005). Review of the International Role of the Euro, Frankfurt, Germany: European Central Bank (http://www.ecb.int/ pub/pdf/other/euro-international-role200512en.pdf).
18. European Economic Advisory Group (2006). Report on the European Economy 2006, CESifo.
19. Faruqee, H. (2004). 'Global rebalancing of current accounts: A euro-area perspective', in Euro Area Policies: Selected Issues, IMF Country Report 04/235, August.
20. Faruqee, H., D. Laxton, D. Muir and P. Pesenti (2007). 'Smooth landing or crash? Model-based scenarios of global current account rebalancing', in R. Clarida (ed.), G7 Current Account Imbalances: Sustainability and Adjustment, Chicago University Press, Chicago, 377-451.
21. Faruqee, H., D. Laxton, D. Muir and P. Pesenti (2006). 'Would protectionism defuse global imbalances and spur economic activity? A scenario analysis', NBER Working Paper No. 12704.
22. Freund, C., and F. Warnock (2007). 'Current account deficits in industrial countries: The bigger they are the harder they fall?', in R. Clarida (ed.), G7 Current Account Imbalances: Sustainability and Adjustment, University of Chicago Press, Chicago, 133-62.
23. Ghironi, F., J. Lee and A. Rebucci (2006). 'The valuation channel of external adjustment', mimeo, International Monetary Fund.
24. Gourinchas, P.-O., and H. Rey (2005). 'International financial adjustment', NBER Working Paper 11155, August.
25. Gourinchas, P.-O., and H. Rey (2007). 'From world banker to world venture capitalist: US external adjustment and the exorbitant privilege', in R. Clarida (ed.), G7 Current Account Imbalances: Sustainability and Adjustment, University of Chicago Press, Chicago, 11-55.
26. Hau, H., and H. Rey (2006). 'Exchange rates, equity prices and capital flows', Review of Financial Studies, 19(1), 273-317.
27. Hausmann, R., and F. Sturzenegger (2006). 'Why the US current account is sustainable', International Finance, 9(2), 223-40.
28. Hausmann, R., and F. Sturzenegger (2007) 'The valuation of hidden assets in foreign transactions: Why "dark matter"matters', Business Economics, January, 29-35.
29. Hunt, B., and A. Rebucci (2005). 'The U.S. dollar and the trade deficit: What accounts for the late 1990s?' International Finance, 8(3), 399-434.
30. IMF (International Monetary Fund) (2005a). 'Globalization and external imbalances', World Economic Outlook, Chapter III, April, International Monetary Fund, Washington DC.
31. IMF (International Monetary Fund) (2005b). 'How Will Global Imbalances Adjust?', World Economic Outlook, Appendix I.2, September, International Monetary Fund, Washington DC.
32. IMF (International Monetary Fund) (2006). World Economic Outlook, Box 1.3, September, International Monetary Fund, Washington DC.
33. Krugman, P. (2007). 'Will there be a dollar crisis?', Economic Policy, 51, 435-67.
34. Kumhof, M., D. Laxton and D. Muir (2005). 'The consequences of U.S. fiscal consolidation for the current account', in United States: Selected Issues, IMF Country Report No. 05/258, International Monetary Fund, Washington DC.
35. Lane, P.R., and G.M. Milesi-Ferretti (2001). 'The external wealth of nations: Measures of foreign assets and liabilities for industrial and developing countries', Journal of International Economics, 55, 263-94.
36. Lane, P.R., and G.M. Milesi-Ferretti (2003). 'International financial integration', IMF Staff Papers, 50 (Special Issue), 82-113.
37. Lane, P.R., and G.M. Milesi-Ferretti (2005). 'Financial globalization and exchange rates', IMF Working Paper 05/03, January.
38. Lane, P.R., and G.M. Milesi-Ferretti (2006). 'The external wealth of nations Mark II', IMF Working Paper 06/169, March (forthcoming, Journal of International Economics).
39. Lane, P.R., and G.M. Milesi-Ferretti (2007a). 'Capital flows to Central and Eastern Europe', Emerging Markets Review, 8(2), May, 106-23.
40. Lane, P.R., and G.M. Milesi-Ferretti (2007b). 'A global perspective on external positions', in R. Clarida (ed.), G7 Current Account Imbalances: Sustainability and Adjustment, Chicago University Press, Chicago, 67-98.
41. Martin, P., and H. Rey (2000). 'Financial integration and asset returns', European Economic Review, 44, 1327-50.
42. Martin, P., and H. Rey (2004). 'Financial super-markets: Size matters for asset trade', Journal of International Economics, 64(2), 335-61.
43. Mendoza, E., V. Quadrini and V. Rios Rull (2006). 'Financial integration, financial deepness and global imbalances', mimeo, University of Maryland.
44. Nguyen, E.L. (2006). 'The international investment position of the United States at yearend 2005', Survey of Current Business, July, 9-19.
45. Obstfeld, M., and K. Rogoff (2000). 'Perspectives on OECD capital market integration: Implications for U.S. current account adjustment', in Global Economic Integration: Opportunities and Challenges, Federal Reserve Bank of Kansas City, 169-208.
46. Obstfeld, M., and K. Rogoff (2005). 'Global current account imbalances and exchange rate adjustments', Brookings Papers on Economic Activity, 1, 67-146.
47. Obstfeld, M., and K. Rogoff (2007). 'The unsustainable US current account position revisited', in R. Clarida (ed.), G7 Current Account Imbalances: Sustainability and Adjustment, Chicago University Press, Chicago, 339-66.
48. Thomas, C.P., F.E. Warnock, and J. Wongswan (2004). 'The performance of international portfolios', International Finance Discussion Paper 817, Board of Governors of the Federal Reserve System.
49. Tille, C. (2003). 'The impact of exchange rate movements on U.S. foreign debt', Current Issues in Economics and Finance, 9 (1), Federal Reserve Bank of New York.
50. Tille, C. (2005). 'Financial integration and the wealth effect of exchange rate fluctuations', Federal Reserve Bank of New York Staff Report No. 226.
51. Truman, E.M., and A. Wong (2006). 'The case for an international reserve diversification standard', Institute for International Economics Working Paper 06-2, May.
52. Warnock, F. (2006). 'How might a disorderly resolution of global imbalances affect global wealth?', IMF Working Paper 06/170, July.