ECONIS Select – Weltweite Außenhandelsströme und internationale Kapitalflüsse ins Gleichgewicht bringen

06/2010

Selected for the Global Economic Symposium 2010

It has been argued that recent trade and capital flows are unsustainable and thereby threaten future global economic stability. In particular, emerging markets remain heavily dependent on consumer demand in North America and Western Europe. If this consumer demand grows more slowly in the future — due to the unwinding of household debts, the influence of higher risk premia on investment and the effect of rising national debt on government expenditures — does the emerging economies’ strategy of export-led growth have a future?

• What needs to be done to stimulate domestic demand for the four billion people in the emerging markets?
• What would be the impact of rebalancing global trade flows across the different emerging markets, such as China, India, Latin American countries and South Africa?
• Who is more likely to gain or to loose from that rebalancing and what should the policy response according to their different economic structures, degrees of openness and sociopolitical institutions be like?
• If global trade and capital flows were rebalanced sustainably, what implications would this have for the future of reserve currencies?
• Can the dollar retain its reserve currency status while enabling global financial capital to flow to the most profitable investment opportunities and global trade to flow where it is needed most?
• What reserve currency regime is required for sustainable trade and capital flows?

Aus unserem Online-Katalog ECONIS recherchierte Literatur:

• Titel: Capital flows, consumption booms and asset bubbles: a behavioral alternative to the savings glut hypothesis / David Laibson; Johanna Mollerstrom
  Erschienen: Cambridge, Mass., 2010
  Schlagwörter: Savings / Foreign exchange reserves / Capital mobility / Aggregate consumption / Bubbles / Balance of payments imbalances / OECD countries / 1929-2008
  Link: http://www.nber.org/papers/w15759.pdf
  Request info: - Available
• Aufsatz: A few thoughts on global imbalances / Jacques de Larosière
  In: The macroeconomics of global imbalances . - London u.a.: Routledge, ISBN 0-415-77469-1. - 2009, S. 9-17
  Schlagwörter: World economy / Current account balance / Balance of payments imbalances / Capital mobility / Foreign exchange reserves / Growth policy / Asia / EU countries / United States
• Titel: How persistent are international capital flows? / Vahagn Galstyan
  Erschienen: Kiel: Kiel Inst. for the World Economy, 27 Jan. 2009
  Schlagwörter: Capital mobility / Current account balance / Balance of payments imbalances / Estimation / World / 1970-2005
  Link: http://hdl.handle.net/10419/27494
• Aufsatz: Do differences in financial development explain the global pattern of current account imbalances? / Joseph Gruber and Steven Kamin
  In: Review of international economics. - Oxford u.a.: Blackwell, ISSN 0965-7576, ZDB-ID 11617573. - Bd. 17.2009, 4, S. 667-688
  Schlagwörter: Current account balance / Balance of payments imbalances / Capital mobility / Financial crisis / United States / Developing countries
• Aufsatz: Global imbalances and financial fragility / by Ricardo J. Caballero and Arvind Krishnamurthy
  In: The American economic review. - Nashville, Tenn.: American Economic Assoc., ISSN 0002-8282, ZDB-ID 203590x. - Bd. 99.2009, 2, S. 584-588
  Schlagwörter: Financial market / Capital mobility / Capital imports / Risk aversion / Balance of payments imbalances / Financial crisis / United States / 2007-2008
• Titel: Global imbalances, exchange rates and stabilization policy / Anthony J. Makin
  Erschienen: Basingstoke u.a.: Palgrave Macmillan, 2009
  Schlagwörter: Financial market / Market integration / Capital mobility / Exchange rate / Exchange rate policy / Balance of payments imbalances / Economic policy
  Link: Inhaltsverzeichnis
• Titel: Global imbalances and the financial crisis: products of common causes / Maurice Obstfeld and Kenneth Rogoff
  Erschienen: London: Centre for Economic Policy Research, 2009
  Schlagwörter: Globalization / Balance of payments imbalances / International financial market / Capital mobility / Financial innovation / Property valuation / Bubbles / Financial crisis / United States / World / 1995-2003
  Link: http://www.cepr.org/pubs/dps/DP7606.asp Request info: - Available
• Aufsatz: External balances in five Asian countries / Jaewoo Lee
  In: China and Asia. - London u.a.: Routledge, ISBN 0-415-77609-0. - 2009, S. 99-112
  Schlagwörter: External sector / International economic relations / Capital mobility / International financial market / Exchange rate policy / Balance of Payments / Asia
• Titel: Current account fact and fiction / David Backus; Espen Henriksen; Frederic Lambert; Christopher Telmer
  Schlagwörter: Balance of payments imbalances / Capital mobility / Savings rate / Capital imports / Investment / Economic Growth / United States / World / 1960-2004
  Link: http://www.nber.org/papers/w15525.pdf
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• Aufsatz: Global imbalances: strategic prospects for the US and the world / Dimitri B. Papadimitriou
  In: Intervention. - Marburg: Metropolis-Verl., ISSN 1613-0960, ZDB-ID 21415353. - Bd. 6.2009, 1, S. 53-60
  Schlagwörter: Balance of payments imbalances / Current account balance / Business Cycle / Aggregate consumption / Short-term forecast / United States / World / 2008-2012
• Titel: Capital flows and balance of payments pressures: tailoring policy responses in emerging market economies / Atish Ghosh, Manuela Goretti, Bikas Joshi, Uma Ramakrishnan, Alun Thomas ...
  Erschienen: Washington, DC: Internat. Monetary Fund, 2008
  Schlagwörter: Capital mobility / Capital imports / Balance of Payments / Capital controls / World
  Link: http://www.imf.org/external/pubs/ft/pdp/2008/pdp02.pdf
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• Aufsatz: Export diversification and growth in emerging economies / Manuel R. Agosin
  In: United Nations / Economic Commission for Latin America and the Caribbean: CEPAL review . - New York, NY : Comm., ISSN 0252-0257, ZDB-ID 849364. - 2009, 97, S. 115-131
  Schlagwörter: Export diversification / Economic Growth / Newly industrializing countries / East Asia / Latin America / Caribbean countries
• Aufsatz: Capital flow bonanzas: an encompassing view of the past and present / Carmen M. Reinhart; Vincent R. Reinhart
  In: NBER International Seminar on Macroeconomics 2008. - Chicago, Ill. u.a.: Univ. of Chicago Press, ISBN 0-226-10733-7. - 2009, S. 9-62
  Schlagwörter: International economic relations / Capital mobility / Capital account / Economic Growth / Term structure of interest rates / Fiscal Policy / World / 1960-2007
• Aufsatz: Foreign capital inflows and the current account imbalance: which causality direction? / Ho-don Yan; Cheng-lang Yang
  In: Journal of economic integration. - Seoul, ISSN 1225-651X, ZDB-ID 11376946. - Bd. 23.2008, 2, S. 434-461
  Schlagwörter: Capital mobility / Current account balance / Balance of payments imbalances / Causality analysis / World
• Titel: Growth and development in emerging economies: international private capital flows, financial markets and globalization / ed. by Harinder S. Kohli
  Erschienen: Dehli u.a.: SAGE, 2008
  Schlagwörter: Economic Growth / Economic development / Capital mobility / Financial market / Foreign direct investment / External sector / Newly industrializing countries
  Link: Inhaltsverzeichnis
• Titel: Financial flows and international imbalances: the role of catching up by late-industrializing developing countries / by Jan Kregel
  Erschienen: Febr. 2008
  Schlagwörter: Capital mobility / Balance of payments imbalances / World / United States / Development strategy / Economic convergence / China / Asia
• Titel: Asia in the global economy: finance, trade and investment / Ramishken S. Rajan; Sunil Rongala
  Erschienen: Singapore: World Scientific, c 2008
  Schlagwörter: Exchange-rate regime / Capital mobility / Financial liberalization / External sector / Asia
  Link: http://www.gbv.de/dms/zbw/54416718X.pdf
• Aufsatz: Global rebalancing with gravity: measuring the burden of adjustment / Robert Dekle, Jonathan Eaton, and Samuel Kortum
  In: International Monetary Fund: IMF staff papers. - Basingstoke: Palgrave, ISSN 1020-7635, ZDB-ID 14784166. - Bd. 55.2008, 3, S. 511-540
  Schlagwörter: International economic relations / Balance of payments imbalances / Economic adjustment / Economic Growth / Real wages / Aggregate consumption / Factor mobility / World / 2004
• Aufsatz: How China could contribute to a benign global rebalancing? / Pingfan Hong; Rob Vos; Keping Yao
  In: China & world economy. - Oxford: Wiley-Blackwell, ISSN 1671-2234, ZDB-ID 21658274. - Bd. 16.2008, 5, S. 35-50
  Schlagwörter: Aggregate consumption / External sector / Balance of payments imbalances / Savings / Public Social Expenditure / China
• Titel: The accumulation of international reserves by central banks: exploring causes and consequences / Andreas Steiner
  Erschienen: 2009
  Schlagwörter: Central Bank / Foreign exchange reserves / Currency crisis / Capital mobility / Exchange rate policy / Inflation / Estimation / World / 1975-2003
  Link: Inhaltsverzeichnis
• Aufsatz: Net capital flows, financial integration, and international reserve holdings: the recent experience of emerging markets and advanced economies / Woon Gyu Choi, Sunil Sharma, and Maria Strömqvist
  In: International Monetary Fund: IMF staff papers. - Basingstoke: Palgrave, ISSN 1020-7635, ZDB-ID 14784166. - Bd. 56.2009, 3, S. 516-540
  Schlagwörter: Foreign exchange reserves / Capital mobility / Emerging markets / Industrialized countries
• Aufsatz: The Chinese renminbi (yuan): a new global currency in the making? / Friedrich Wu; Pan Rongfang and Wang Di
  In: World economics. - Henley-on-Thames: NTC Econom. & Financial Publ., ISSN 1468-1838, ZDB-ID 20103190. - Bd. 11.2010, 1, S. 147-179
  Schlagwörter: Reserve currency / China / World / renminbi
• Titel: China's evolving external wealth and rising creditor position / by Guonan Ma and Zhou Haiwen
  Erschienen: Basel: Bank for Internat. Settlements, 2009
  Schlagwörter: Reserve currency / Balance of payments equilibrium / Financial liberalization / China
  Link: http://www.bis.org/publ/work286.pdf http://ideas.repec.org/p/bis/biswps/286.html
  Request info: - Available
• Aufsatz: Dominant currencies, special drawing rights and supernational bank money / Pietro Alessandrini and Michele Fratianni
  In: World economics. - Henley-on-Thames: NTC Econom. & Financial Publ., ISSN 1468-1838, ZDB-ID 20103190. - Bd. 10.2009, 4, S. 45-67
  Schlagwörter: Reserve currency / Special drawing rights / Currency agreement / World
• Titel: Making sense of the dollar: exposing dangerous myths about trade and foreign exchange / Marc Chandler
  Erschienen: New York, NY: Bloomberg Press, 2009
  Schlagwörter: US Dollar / Reserve currency / Exchange rate / Foreign Exchange Market / Currency crisis / Balance of payments imbalances / Global competition / United States
  Link: Inhaltsverzeichnis
• Titel: The future of the dollar / ed. by Eric Helleiner and Jonathan Kirshner
  Erschienen: Ithaca, NY u.a.: Cornell Univ. Press, 2009
  Schlagwörter: US Dollar / Reserve currency / International Monetary System / World economic order / Geopolitics / World / United States
  Link: Inhaltsverzeichnis
• Aufsatz: The dollar, the euro and the role of emerging economies / Bala Batavia; A. G. Malliaris
  In: International journal of Indian culture and business management . - Genève: Inderscience Enterprises, ISSN 1753-0806, ZDB-ID 24227663. - Bd. 2.2009, 1, S. 11-29
  Schlagwörter: International Monetary System / Euro / US Dollar / Reserve currency / Financial crisis / Emerging markets / 1996-2008
• Aufsatz: Global roles of currencies / Christian Thimann
  In: International finance. - Oxford: Wiley-Blackwell, ISSN 1367-0271, ZDB-ID 14061053. - Bd. 11.2008, 3, S. 211-245
  Schlagwörter: Reserve currency / Currency / Currency substitution / Foreign exchange reserves / International Monetary System