Global Imbalances - Their Sustainability and the Role of the Dollar

• Authors: Artur Balicki
• Languages of publication: EN

Abstracts

EN

This paper aims at delivering some analysis on the complex issue of global imbalances in the pattern of exports and imports of goods and services and simultaneous flow of capital in the world economy during the last decade. It discusses why these flows were principally streaming from developing to developed countries and what are their main driving forces. It also embarks on the problem of sustainability of global imbalances and the dollar playing an important role in reshaping them.

Keywords

EN

global imbalances; current account deficits and surpluses; national saving and investment; saving glut; Bretton Woods II; asset shortage; dollar; international reserves

• Publisher: Sciendo
• Journal: Folia Oeconomica Stetinensia
• Year: 2012
• Volume: 10
• Issue: 1
• Pages: 99-109

Dates

published

2011-01-01

online

2011-11-09

Contributors

author

Artur Balicki

• Collegium of World Economy, Warsaw School of Economics, Madalińskiego 6/8 162, 02-554 Warszawa

References

• Bernanke, B. (2005). The Global Savings Glut and the U.S. Current Account Deficit, the Sandbridge Lecture, Virginia Association of Economics
• Bloomberg (2009). India Buys IMF Gold to Boost Reserves as Dollar Drops, 27.05.2011
• Caballero, R. (2006). On the Macroeconomics of Asset Shortages, p. 4, Working Paper 12753, National Bureau of Economic Research.
• Chinn, M. & Ito, H. (2007). East Asia and Global Imbalances: Saving, Investment, and Financial Development, Working Paper 13364, National Bureau of Economic Research.
• Duncan, R. (2005). The Dollar Crisis: Causes, Consequences, Cures, Revised and Updated, Singapore, John Wiley & Sons (Asia) Pte Ltd.
• Economist (2011a). Chained but Untamed, 18.05.2011
• Economist (2011b), Who Wants to Be a Triple Trillionaire?, 21.05.2011
• Economist (2011c). Wakey, Wakey, 27.05.2011
• Elwell, C.K. (2008). Dollar Crisis: Prospect and Implications, CRS Report RL34311, Congressional Research Service
• Feldstein, M. (2008). Resolving the Global Imbalance: the Dollar and the U.S. Saving Rate, Journal of Economic Perspectives, Volume 22, Number 3.[WoS][Crossref]
• International Monetary Fund (1993). Balance of Payments Manual, Fifth Edition, Washington, DC.
• International Monetary Fund (2011a). World Economic Outlook, April 2011.
• International Monetary Fund (2011b). Currency Composition of Official Foreign Exchange Reserves (COFER).
• Mankiw, N.G. (2002). Macroeconomics, 5th edition, New York: Worth Publishers.
• Murphy, M. & Yuan, W.J. (2009). Is China Ready to Challenge the Dollar? Internationalization of the Renminbi and Its Implications for the United States: a Report of the Center for Strategic and International Studies Freeman Chair in China Studies, CSIS Press, Washington, DC.
• U.S. Department of the Treasury, Major Foreign Holders of Treasury Securities, 25.05.2011

Identifiers

DOI

10.2478/v10031-011-0001-6