Financial flows, financial crises, and global imbalances
- 作者：Maurice Obstfeld obstfeld@econ.berkeley.edu
- 关键词：F32 ; F34 ; F36
- 刊名：Journal of International Money and Finance
- 出版年：2012
- 期刊代码：66_02615606
- 类别：soc
- 出版时间：April, 2012
- 卷：31
- 期：3
- 页码：469-480
- 文件大小：1032 K
摘要
In this lecture I document the proliferation of gross international asset and liability positions and discuss some consequences for individual countries鈥?external adjustment processes and for global financial stability. In light of the rapid growth of gross global financial flows and the serious risks associated with them, one might wonder about the continuing relevance of the net financial flow measured by the current account balance. I argue that global current account imbalances remain an essential target for policy scrutiny, for financial as well as macroeconomic reasons. Nonetheless, it is critically important for policymakers to monitor as well the rapidly evolving structure of global gross assets and liabilities.