| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17352 |
| 来源ID | Working Paper 17352 |
| External Adjustment and the Global Crisis | |
| Philip R. Lane; Gian Maria Milesi Ferretti | |
| 发表日期 | 2011-08-25 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The period preceding the global financial crisis was characterized by a substantial widening of current account imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this paper, we analyze the ongoing process of external adjustment in advanced economies and emerging markets. We find that countries whose pre-crisis current account balances were in excess of what could be explained by standard economic fundamentals have experienced the largest contractions in their external balance. We subsequently examine the contributions of real exchange rates, domestic demand and domestic output to the adjustment process (allowing for differences across exchange rate regimes) and find that external adjustment in deficit countries was achieved primarily through demand compression, rather than expenditure switching. Finally, we show that changes in other investment flows were the main channel of financial account adjustment, with official external assistance and ECB liquidity cushioning the exit of private capital flows for some countries. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w17352 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575026 |
| 推荐引用方式 GB/T 7714 | Philip R. Lane,Gian Maria Milesi Ferretti. External Adjustment and the Global Crisis. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17352.pdf（649KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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