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Global Imbalances and Developing Countries: Remedies for a Failing International Financial System financial policy

Author Jan Joost Teunissen, Age Akkerman eds. Series 07-05 Language English Date 2007.11.10

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The abrupt unwinding of global imbalances is a major risk for the world economy; it affects countries across the globe, but is particularly harmful to developing countries.
This volume on global imbalances includes an unorthodox, long-term view on global imbalances, an in-depth discussion about the role of the IMF, and a discussion about the need for reform of the international monetary and financial system. It pays special attention to Africa and East Asia. (The rest is omitted.)
Acknowledgements
Notes on the Contributors
Abbreviations

1. Introduction

2. Global Imbalances and the Implications for Africa
1 Why Worry About the Global Imbalances?
2 Global Adjustment Scenarios
3 Where is Africa in All These?
4 Conclusion

3. East Asia's Role in Resolving the New Global Imbalances
1 The Nature of the New Global Imbalances
2 The Sustainability of the New Global Imbalances
3 Necessary Adjustment Policies in the US
4 East Asia's Role in Resolving the Current Global Imbalances
5 Conclusion

4. An African Perspective: Comments on Yoshitomi, Liu and Thorbecke
1 The Investment-Savings Balance and Exchange Rate Policies
2 Systemic Crises and Concerted Action
3 Accumulation of Foreign Reserves
4 Concluding Remarks

5. Rebalancing Savings-Investment Gaps in East Asia
1 Should East Asian Capital Be Relocated Within the Region?
2 Barriers to Capital Market Integration in East Asia
3 Concluding Remarks

6. The Need for a Longer Policy Horizon: A Less Orthodox Approach
1 Secular Trends
2 Current Exposures: Do They Warrant a Policy Response?
3 Towards a Domestic Macrofinancial Stabilisation Framework?
4 Towards an International Macrofinancial Stabilisation Framework
5 Conclusion

7. Global Imbalances and the Role of the IMF
1 The Risk Posed by Global Macroeconomic Imbalances
2 The Fund's Potential Role in Dealing With Global Imbalances
3 A G-20 Accord and the Need for a Counter-Cyclical Facility
4 Conclusion

8. Global Imbalances and the Role of the IMF: A Comment on Ariel Buira and Martín Abeles

9. The Future of the International Monetary System

10. A More Balanced International Monetary System
1 Creating a Public International Investment Fund for Emerging Economies
2 Reforming the International Payments System

11. Reforming the International Monetary System: Comments on Jane D'Arista and John Williamson

12. A Response to the Comments of Henk Brouwer

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