Citation

Discussion Paper Details

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Title: Global Imbalances: In Midstream?

Author(s): Olivier J Blanchard and Gian Maria Milesi-Ferretti

Publication Date: February 2010

Keyword(s): Current account, investment, portfolio choice. and saving

Programme Area(s): International Macroeconomics

Abstract: Before the crisis, there were strong arguments for reducing global imbalances. As a result of the crisis, there have been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does this mean that imbalances are a problem of the past? Hardly. The paper argues that there is an urgent need to implement policy changes to address the remaining domestic and international distortions that are a key cause of imbalances. Failure to do so could result in the world economy being stuck in "midstream," threatening the sustainability of the recovery.

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Bibliographic Reference

Blanchard, O and Milesi-Ferretti, G. 2010. 'Global Imbalances: In Midstream?'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=7693