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Rebalancing the Global economy: A Primer for Policymaking

Such was the concern about the adverse consequences for the world economy of "imbalances" that G-20 Leaders, meeting in Pittsburgh in September 2009, adopted a Framework for Strong, Sustainable, and Balanced Growth. This step followed a growing body of expert opinion that took the view that large, persistent current account imbalances in the major industrialised economies and emerging markets since 2000 had, at the very least, contributed to the global financial crisis witnessed in 2007-8 and to the subsequent Great Recession. The purpose of this electronic book is to provide policymakers and their advisers with up-to-date, comprehensive analyses of the central facets of global economic imbalances and to identify and evaluate potential national and systemic responses to this challenge.
To break down the many facets of this collective economic challenge, leading experts were asked to address one of the following policy-relevant questions.
1. How large are contemporary current account imbalances? Why do they persist?
2. What are the systemic costs of imbalances?
3. What are the lessons from previous attempts to rebalance the global economy?
4. What would rebalancing entail? Which policies must change? Is collective action needed?
5. What is the political viability of proposals to rebalance national economies?
6. Are new system-wide accords needed to promote rebalancing or to discourage persistent imbalances?

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Evenett, S, B Hoekman and S Claessens (eds) (2010), ‘Rebalancing the Global economy: A Primer for Policymaking‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

Citation

Evenett, S, B Hoekman and S Claessens (2010), ‘Editors Overview: Rebalancing the Global Economy: A Primer for Policymaking‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Freund, C (2010), ‘Adjustment in global imbalances and the future of trade growth‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Evenett, S and V Aggarwal (2010), ‘Rebalancing will require supply side policy changes, but pitfalls abound‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Aizenman, J (2010), ‘On the causes of global imbalances and their persistence: Myths, facts and conjectures‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Lim, L (2010), ‘Rebalancing in East Asia‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Portes, R (2010), ‘The costs of global imbalances‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Mann, C (2010), ‘External imbalances: Costs and consequences of unsustainable trajectories‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Garber, P and M Dooley (2010), ‘International imbalances balance risk‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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James, H (2010), ‘The history of tackling current account imbalances‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Meissner, C (2010), ‘Surplus reversals in large nations: The cases of France and Great Britain in the interwar period‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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O'Neill, J (2010), ‘Does the rise of the BRICs and the credit crisis make it easier to rebalance the world economy? Yes!‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Williamson, J and W Cline (2010), ‘Exchange rates to support global rebalancing‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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McKinnon, R (2010), ‘Why exchange rate changes will not correct global trade imbalances‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Suominen, K (2010), ‘This time will be different? Addressing the unsound post-crisis drivers of global imbalances‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Lee, J (2010), ‘Asia’s role in global rebalancing‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Park, Y (2010), ‘Prospects for rebalancing growth in East Asia‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Bery, S (2010), ‘Global rebalancing: An Indian perspective‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Goldfajn, I (2010), ‘Rebalancing the global economy: A view from the BRICs‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Forster, K and F Di Mauro (2010), ‘Rebalancing the Eurozone and national competitiveness‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Lesher, M and P Kowalski (2010), ‘A commercial policy package for rebalancing the global economy?‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Frieden, J (2010), ‘Rebalancing the Global economy: A Primer for Policymaking‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Garrett, G (2010), ‘China-US imbalances and Europe’s fiscal crisis: Plus ça change?‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Spence, M and M El-Erian (2010), ‘Global governance: Pre and post crisis‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Skidelsky, R and V Joshi (2010), ‘Keynes, global imbalances, and international monetary reform, today‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Capling, A (2010), ‘Rebalancing: A lesson from the 1940s‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Krueger, A (2010), ‘Persistent global imbalances‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Jeanne, O (2010), ‘International financial safety nets and global imbalances‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking

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Higgott, R and H Dieter (2010), ‘Managing global imbalances: Is it time to consider some form of sanctions?‘, in Evenett, S, B Hoekman and S Claessens (eds), Rebalancing the Global economy: A Primer for Policymaking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rebalancing-global-economy-primer-policymaking