Front Matter Page
Research Department
Contents
I. Introduction
II. Global Imbalances after the Crisis
A. Global trends
B. Latin America
III. Pre-Crisis Imbalances And External Adjustment
IV. External Adjustment Channels
V. Conclusions
Appendix
A. Country samples for global imbalances
B. Country sample for current account regressions
C. Exchange Rate Regimes
References
Tables
1. Net external position (ratio of domestic GDP)
2. Output gap in surplus and deficit countries
3. Current Account Adjustment between 2005-2008 and 2012
4. Real Exchange Rate between 2005-2008 and 2012
5. Change in Demand and Output between 2007-2008 and 2012
6. Policy Rates for 2005-2008 vs. 2009-2012
7. Inflation Adjustment
8. Fiscal Adjustment
9. Net International Investment Position: Stock-Flow Adjustment 2008-2012
10. Trade Adjustment
Figures
1. Global imbalances
2. Global dispersion of current account balances
3. Net foreign asset positions
4. Dispersion of net foreign asset positions
5. Global imbalances: projections
6. Current account balances in Latin America
7. Latin America and Caribbean: Net Foreign Assets and their Composition
8. Net Foreign Asset Position, Central America and the Caribbean
9. Latin America and Caribbean: actual and projected net foreign asset position
10. Current Account Adjustment and Current Account Gap
11a. Real Exchange Rate and Current Account Balance Changes: No Peg
11b. Real Exchange Rate and Current Account Balance Changes: Peg
12a. Change in Real Domestic Demand and Change in Current Account Balance
12b. Change in Real GDP and Change in Current Account Balance
13. Policy Rate Adjustment and the Current Account Gap
14. Inflation Adjustment and the Current Account Gap
15. Fiscal Adjustment and the Current Account Gap
16. Stock-Flow Adjustment and the Current Account Gap
17. Decompostion of Changes in Current Account Balance