Rebalancing the Global economy: A Primer for Policymaking
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Stijn Claessens Simon J Evenett Bernard Hoekman |
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This new eBook aims to provide policymakers and their advisers with up-to-date, comprehensive analyses of the central facets of global economic imbalances and to identify and evaluate potential national and systemic responses to this challenge. Rebalancing the Global Economy: A Primer for PolicymakingEdited by Stijn Claessens, Simon Evenett and Bernard HoekmanClick here to download the PDF of this ebook free of charge. Vox Talks with Bernard HoekmanBernard Hoekman talks to Viv Davies about the recent Vox eBook on rebalancing the global economy. Drawing from the contributions of the authors, Hoekman discusses why imbalances persist, what can be learned from history and the need for a more collective responsibility in responding to the current problem. Hoekman highlights the importance of supply-side factors as well as the implications of imbalances for developing countries. Regarding the current debate on austerity versus stimulus, Hoekman maintains that the real issue is more about timing and coordination. Rebalancing the Global Economy: A Primer for Policymaking1 Editors Overview PART 1 How large are contemporary current account imbalances? Why do they persist?3 Adjustment in global imbalances and the future of trade growth 3 On the causes of global imbalances and their persistence: Myths, facts and conjectures 4 Rebalancing in East Asia PART 2 What are the systemic costs of imbalances?5 The costs of global imbalances 6 External imbalances: Costs and consequences of unsustainable trajectories 7 International imbalances balance risk PART 3 What are the lessons from previous attempts to rebalance the global economy?8 The history of tackling current account imbalances 9 Surplus reversals in large nations: The cases of France and Great Britain in the interwar period PART 4 What would rebalancing entail? Which policies must change? Is collective action needed?10 Does the rise of the BRICs and the credit crisis make it easier to rebalance the world economy? Yes! 11 Exchange rates to support global rebalancing 12 Why exchange rate changes will not correct global trade imbalances 13 This time will be different? Addressing the unsound post-crisis drivers of global imbalances 14 Asia’s role in global rebalancing 15 Prospects for rebalancing growth in East Asia 16 Global rebalancing: An Indian perspective 17 Rebalancing the global economy: A view from the BRICs 18 Rebalancing the Eurozone and national competitiveness 19 A commercial policy package for rebalancing the global economy? 20 Rebalancing will require supply side policy changes, but pitfalls abound PART 5 The political viability of rebalancing21 The political economy of rebalancing 22 China-US imbalances and Europe’s fiscal crisis: Plus ça change? PART 6 Are new system-wide accords needed to promote rebalancing or to discourage persistent imbalances?23 Global governance: Pre and post crisis 24 Keynes, global imbalances, and international monetary reform, today 25 Rebalancing: A lesson from the 1940s 26 Persistent global imbalances 27 International financial safety nets and global imbalances 28 Managing global imbalances: Is it time to consider some form of sanctions? Heribert Dieter and Richard Higgott
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Global economy
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