Citation

Discussion Paper Details

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Full Details

Title: External Adjustment, Global Imbalances and Valuation Effects

Author(s): Pierre-Olivier Gourinchas and Hélène Rey

Publication Date: July 2013

Keyword(s): Capital Flows, International Finance and International Monetary System

Programme Area(s): Financial Economics and International Macroeconomics

Abstract: We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in size and discuss implications for the international monetary and financial system.

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Bibliographic Reference

Gourinchas, P and Rey, H. 2013. 'External Adjustment, Global Imbalances and Valuation Effects'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=9566