DP9566 External Adjustment, Global Imbalances and Valuation Effects
|Author(s):||Pierre-Olivier Gourinchas, Hélène Rey|
|Publication Date:||July 2013|
|Keyword(s):||Capital Flows, International Finance, International Monetary System|
|JEL(s):||F32, F33, F41, F42|
|Programme Areas:||International Macroeconomics, Financial Economics|
|Link to this Page:||cepr.org/active/publications/discussion_papers/dp.php?dpno=9566|
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.