Front Matter
Author:
Mr. Philip R. Lane https://isni.org/isni/0000000404811396 International Monetary Fund

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Mr. Gian M Milesi-Ferretti
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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

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Global Imbalances and External Adjustment after the Crisis
Author:
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti