By Anthony John Makin
This e-book analyzes key overseas financial matters from a macro-foundations viewpoint. It proposes novel frameworks to interpret macroeconomic and fiscal linkages for globally built-in economies, interpreting international imbalances, trade premiums, rates of interest, overseas capital flows, inflation, overseas and public debt.
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Additional resources for Global Imbalances, Exchange Rates and Stabilization Policy
In preview, in the context of restricted capital flows and discrepant growth rates, this framework shows how pegging exchange rates can generate large trade surpluses for the faster-growing region with counterpart trade deficits in the other. An important corollary is that under these conditions persistently large external surpluses matched by deficits imply exchange rate misalignment. A two-region balance of payments framework This section interprets the interrelationship between economic growth, trade imbalances, exchange rates and the monetary sector.
However, for China high export growth at rates comparable to those of Japan and South Korea during their postwar take-off phases was evident before it joined the WTO. Policies that have encouraged FDI have also substantially boosted exports by multinational firms (such as Motorola, Toshiba, Nokia and LG) operating in coastal China (Hale 2006). China’s CAS which grew markedly after it became a member of the WTO essentially reflects the trade surplus component. 4). As the trade account has essentially driven the current account balance, the two terms can be used interchangeably when analysing China’s external imbalance.
These laws are that credit should not be extended without regard to creditworthiness and that debt, both private and public, should primarily fund productive economic activity. Banks have always been at the core of the global financial system, although the increasing role played by financial markets – the debt, equity, derivative and foreign exchange markets – means that financial disturbances can now be magnified through those markets. Moreover, with more internationally integrated financial markets, instability is quickly transmitted abroad.
Global Imbalances, Exchange Rates and Stabilization Policy by Anthony John Makin