PL EN


2006 | 4 | 475-526
Article title

Global Imbalances

Authors
Title variants
Languages of publication
PL
Abstracts
EN
The article contains comments on and the synthesis of literature related to global imbalances. All main hypotheses concerning this phenomenon, potential consequences as well as the discussion on the proposed remedial measures that might be applied to minimize the negative consequences of global imbalances are presented. Original systematization of all rivaling theories, together with the presentation of their strengths and weaknesses, helped the author to formulate two conclusions. Conclusion one: global imbalances cannot be sufficiently explained by the examined hypotheses, although a combination of their selected parts (global savings' glut, investment drought, low saving propensity in the US and precautionary motives to build foreign exchange reserves after the Asian crises) well describe the mechanics of their emergence. Conclusion two: financial markets will play an active role in eliminating global imbalances, however it is difficult to predict when this adjustment will take place; the scope of markets' reaction will be deeper in the absence of proper corrective measures adopted by key stakeholders of the global imbalances. .
Year
Issue
4
Pages
475-526
Physical description
Document type
ARTICLE
Contributors
author
  • K. Rybinski, Narodowy Bank Polski, Warszawa, Poland
References
Document Type
Publication order reference
Identifiers
CEJSH db identifier
07PLAAAA02104462
YADDA identifier
bwmeta1.element.1de43573-1cd1-33ca-8d0d-8a0b142e1b5d
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