Global Imbalances Documents

October 05, 2011

Fund's papers

The Liberalization and Management of Capital Flows — An Institutional View; November 14, 2012
    - Paper
    - PIN
    - IMF Survey article

Is China Over-Investing and Does it Matter?; Lee, Murtaza and Liu; November 27, 2012

Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies; Poghosyan; November 8, 2012

Communiqué of the Twenty-Sixth Meeting of the International Monetary and Financial Committee (IMFC); October 13, 2012

IMF Managing Director's Global Policy Agenda for the IMFC Meeting; October 2012

Exploring the Dynamics of Global Liquidity; Maechler; October 11, 2012

External Imbalances in the Euro Area; Milesi-Ferretti and Tressel; September 28, 2012

Pilot External Sector Report; July 2, 2012

International Capital Flows and Debt Dynamics; Evans; July 1, 2012

Reforming the Economic System ; Podcast Martin Wolf; June 8, 2012

Liberalizing Capital Flows and Managing Outflows; May 4, 2012
    - Paper
    - PIN

Capital Inflows, Financial Development, and Domestic Investment: Determinants and Inter-Relationships; Luca and Spatafora; May 1, 2012

Communiqué of the Twenty-Fifth Meeting of the IMFC; April 21, 2012

Managing Director's Action Plan to the International Monetary and Financial Committee; April 18, 2012

Managing Director's Consolidated Multilateral Surveillance Report to the International Monetary and Financial Committee; April 15, 2012

IMF Conference: Analyzing (External) Imbalances; February 2, 2012

Shifting Motives: Explaining the Buildup in Official Reserves in Emerging Markets since the 1980s; Ghosh, Ostry and Tsangarides; January 1, 2012

Internationalization of Emerging Market Currencies: A Balance Between Risks and Rewards; Maziad, Farahmand, Wang, Segal and Ahmed; October 19, 2011

Twelfth Jacques Polak Annual Research Conference: Monetary and Macroprudential Policies; November 10-11, 2011

Financial Deepening and International Monetary Stability; Goyal, Marsh, Raman, Wang and Ahmed; October 19, 2011

Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System (IMF Book Event); Eichengreen; October 19, 2011
    - Event page
    - IMF Survey Article

Does G-4 Liquidity Spill Over?; Psalida and Sun; October 1, 2011

Communiqué of the 24th Meeting of the IMFC: Collective Action for Global Recovery; September 25, 2011

The Managing Director’s Action Plan to the IMFC; September 24, 2011

Consolidated Multilateral Surveillance Report; September 2011

Axel Weber: The IMF and the International Monetary System: Lessons from the Crisis (Per Jacobsson Foundatation Lecture; September 25, 2011
    - Text of the lecture
    - Video of event

External Adjustment and the Global Crisis; Lane and Milesi-Feretti; August 2011

Strengthening the International Monetary System - Taking Stock and Looking Ahead; March 2011

Global Imbalances: In Mid-stream?; Blanchard and Milesi-Ferreti; December 2009

The IMF-FSB Early Warning Exercise - Design and Methodological Toolkit; September 2010

IMF, FSB Working Together on Identifying Systemic Risks; August 2009

IMF Staff paper on “Multilateral Consultation on Global Imbalances with China, the Euro Area, Japan, Saudi Arabia and the United States; June 2007
    - Public Information Notice: IMF Executive Board Discusses Multilateral Consultation on Global Imbalances; August 2007
    - Issues brief: The Multilateral Consulation on Global Imbalances; April 2007

IMF's International Monetary and Financial Committee Reviews Multilateral Consultation; April 2007

Papers written for the G-20

Final Communiqué of the Meetings of the G-20 Finance Ministers and Central Bank Governors Mexico City; November 5, 2012

Global Prospects and Policy Challenges - Note for Meetings of the G-20 Finance Ministers and Central Bank Governors Mexico City; November 4-5, 2012

G20 Leaders' Declaration; Los Cabos, Mexico; June 9, 2011

G20 Leaders Summit Final Communique; Cannes; November 4, 2011

G20 Cannes Summit Final Declaration; Cannes; November 4, 2011

G-20 Action Plan for Development of Local Currency Bond Markets

G-20 Coherent Conclusions for the Management of Capital Flows Drawing on Country Experiences

2011 Staff Reports for the G-20 Mutual Assessment Process (MAP)

Communiqué of Finance Ministers and Central Bank Governors of the G-20; Paris, October 15, 2011
    - English
    - Français

Global Economic Prospects and Policy Challenges; Written for the Meeting of the G-20 Finance Ministers and Central Bank Governors, Paris; October 14-15, 2011

The G20 and Global Imbalances; June 2011

G-20 Surveillance Note: Global Economic Prospects and Policy Challenges (IMF Staff); October 2010

Other papers/commentaries

U.S. Monetary Policy and International Implications; Bernanke; October 14, 2012

An overlooked currency war in Europe; Gros; October 11, 2012

Banks and cross-border capital flows: Policy challenges and regulatory responses; Brunnermeier, De Gregorio, Lane, Rey and Shin;
October 7, 2012
    - Summary
    - eReport

China's Rebalancing Act; Yu; September 26, 2012

Global Rebalancing 2.0; Lim and Mendoza; September 26, 2012

Club Med and the Sun Belt: Lessons from adjustment within a monetary union; Dadush, Wyne and Ali; July 24, 2012

China's strong domestic demand has reduced its trade surplus; Lemoine and Ünal; July 19, 2012

Foreign-exchange intervention and the fundamental trilemma of international finance: Notes for currency wars; Bordo, Humpage and Schwartz; June 18, 2012

The euro and the global crises: Finding the balance between short-term stabilisation and forward-looking reforms; Joshua Aizenman; June 5, 2012

The Dollar and its Discontents; Olivier Jeanne; May 31, 2012

Comparing the Recent Financial Crisis in the United States and the Euro Area with the Experience of Japan in the 1990s; ECB Monthly Bulletin; p.95-112; May 2012

Beggar-thy-neighbours? Spillover effects of exchange rates; Mattoo, Mishra and Subramanian; May 23, 2012

Country Size, Currency Unions, and International Asset Returns -- Abstract only, access to full paper for subscribers; Hassan; May 2012

China: No longer the villain; Annunziata; April 21, 2012

Is the euro rescue succeeding? An update; Dadush and Wyne; April 20, 2012

The Spanish hangover; Alcidi and Gros; April 15, 2012

China's economic rebalancing is already underway; Huang; February 17, 2012

Euro-area cross border financial flows; ECB Monthly Bulletin; Feb 2012, pp. 105–118

Global liquidity and its international repercussions; Coeuré; Feb 6, 2012

Does the renminbi matter? Evidence from China's disaggregated processed exports; Thorbecke; January 29, 2012

How to Discourage Currency Manipulation–Tax It Heavily; Gagnon; January 31, 2012

Report of the IEFS panel on "Financial Integration and Global Rebalancing"; Chinn; January 9, 2012

Apart from the fiscal compact – on competitiveness, nominal wages and labour productivity; Peeters and den Reijer; January 3, 2012

The New International Economic Disorder; El-Erian; December 21, 2011

The future of international capital flows; Speller and Thwaites; December 21, 2011

Reform of the international monetary and financial system; Bush and Farrant; December 21, 2011

Global savings glut or global banking glut?; Shin; December 20, 2011

The determinants and long-term projections of saving rates in emerging Asia; Horioka and Terada-Hagiwara; November 28, 2011

How can the impossible trinity not apply to Asia?; Grenville; November 26, 2011

The Financial Crisis in the Light of the Euro Area Accounts: A Flow-of-Funds Perspective -- ECB Monthly Bulletin; October 2011, pp, 99–120

Managing financial integration and capital mobility; Aizenmann and Pinto; October 4, 2011

How to deal with a global Triffin dilemma; Saccomanni; October 4, 2011

The Triffin dilemma revisited; Bini Smaghi; October 3, 2011

Currency wars: Lessons from the US experience: 1973-95; Bordo and Humpage; October 3, 2011

Global imbalances: current accounts and financial flows; Cecchetti; September 27, 2011

Greece: The sudden stop that wasn’t; Tornell and Westermann; September 28, 2011

Currency wars; Dadush and Eidelman; September 23, 2011

Countering the Contagious West; El-Erian; September 19, 2011

Reforming the International Monetary System; Farhi, Gourinchas and Rey; September 19, 2011
    - e-Book
    - Article

Sovereigns, Upstream Capital Flows and Global Imbalances -- Abstract only, access to full paper for subscribers; Alfaro, Kalemli-Ozcan and Volosovych; September 2011

Managing exchange rate misalignment and current account imbalances -- ECB Research Bulletin; Dedola; Summer 2011, pp. 2-7

International Reserves and the Global Financial Crisis -- Abstract only, access to full paper for subscribers; Dominguez, Hashimoto and Ito; August 2011

A bigger, bolder Fund can stop the next crash -- Requires subscription; Witteveen; August 2011

ABS Inflows to the United States and the Global Financial Crisis -- Abstract only, access to full paper for subscribers; Bertaut, DeMarco, Kamin and Tyron; August 2011

Stories of the Twentieth Century for the Twenty First -- Abstract only, access to full paper for subscribers; Gourinchas, P-O. and Obstfeld, M.; July 2011

Did global imbalances cause the financial crisis?; Borio, C, and Disyatat, P.; July 2011

The capital flow conundrum; Dadush, U. and Stancil, B.; July 2011

The G20 and Global Imbalances; Eichengreen; June 2011

The Future of the International Monetary System — Lessons from 1971 for Europe and the Rest of the World in Light of Past and Present Experience; Stark; May 2011

Why are reserves so big? And who’s to blame?; Dadush and Stancil; May 2011

Global imbalances and the paradox of thrift; Corden; April 2011

A Forensic Examination of Global Imbalances; Chinn and Ito; March 2011

US monetary policy and the savings glut; Mees; March 2011

Low interest rates and housing booms: The role of capital inflows, monetary policy, and financial innovation; Sá, Towbin, Wielade; March 2011

International Symposium on “Regulation in the face of global imbalances”; Banque De France; March 2011

Stop obsessing about global imbalances; Dadush and Eidelman; March 2011

Global Imbalances without Tears; Kenneth Rogoff; March 2011

The Macroeconomic Effects of Large Exchange Rate Appreciations; Kappler, Reisen, Schularick and Turkisch; February 2011

Global Imbalances and Financial Stability; Banque De France; February 2011

International Capital Flows and the Returns to Safe Assets in the United States, 2003-2007; Bernanke, Bertaut, DeMarco and Kamin; February 2011

Four Questions for Bernanke on His Global Savings Glut Hypothesis; Beckworth; February 2011

The Savings Glut, Revisited; Craighead; February 2011

Why world needs three global currencies -- Requires subscription; Bergsten; February 2011

International Macro-finance; Pavlova and Rigobon; February 2011

The Financial Crisis and the Strengthening of Global Policy Cooperation; pp. 87-97; January 2011

Global Imbalances and the War of Attrition; Chavelle; December 2010

Rebalancing the World Economy: A common challenge; Landau; November 2010

Exchange Rates and Current Account Rebalancing: Some Estimates; Chinn; November 2010

Beggar-Thy-Neighbor Interest Rate Policies; McKinnon; November 2010

The Cost of America’s Free Lunch; Gros; November 2010

How to Prevent a Currency War; Eichengreen and Irwin; October 2010

International Monetary Arrangements; Landau; September 2010

Investing in Local Currency Bond Markets -- Abstract only, full text requires subscription; Burger, Warnock and Warnock; August 2010

Why Exchange Rate Changes Will Not Correct Global Trade Imbalances; McKinnon; June 2010

Global Imbalances and Financial Crisis: Products of Common Causes -- Abstract only, access to full text for subscribers; Obstfeld and Rogoff; December 2009

Global Imbalances in "Macroeconomic Stability and Financial Regulation: Key Issues for the G20"; M. Dewatripont, X. Friexas, R. Portes; pp. 19-26; 2009

The dollar’s fall reflects a new role for reserves -- Requires subscription; Feldstein; 2009

The Future of Reserve Currencies; Benjamin J. Cohen; September 2009

A G-20 Insurance Solution for Global Imbalances; Prasad; March 2009

Redoing Globalization; Schwenninger; January 2009

Does exchange rate flexibility speed up current account adjustment? ; Chinn and Wei; December 2008

Global liquidity glut or global savings glut? A structural VAR approach ; Bracke and Fidora; June 2008

Understanding Global Imbalances; Cooper; November 2008

Will there be a dollar crisis? -- Abstract only, access to full text for subscribers; Krugman; 2007

From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege -- Abstract only, access to full text for subscribers; Gourinchas and Rey; 2005