China, the United States, and Europe after the Great Recession: Has Anything Changed?
In: Global Interdependence, Decoupling, and Recoupling, S. 235-242
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In: Global Interdependence, Decoupling, and Recoupling, S. 235-242
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 21, Heft 1, S. 41-66
ISSN: 0161-8938
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 21, Heft 1, S. 41-66
ISSN: 0161-8938
In: NBER working paper series 13978
"We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity crisis now working its way through the international monetary system. We then evaluate the persistent conjecture that the liquidity crisis is or will become a balance of payments crisis for the United States. Given that it happens, the additional costs associated with a sudden stop of net capital flows to the United States could be quite substantial. But we observe that emerging market governments have continued to acquire US assets even as yields have fallen, and the incentives for continuing to do so remain strong. Moreover, the Bretton Woods II system, which has clearly been the most resilient of the forces driving current markets, continues to generate low real interest rates in industrial countries and growth in emerging markets that will help limit the damage from the liquidity crisis"--National Bureau of Economic Research web site
In: NBER working paper series 13197
In this essay, we argue that key assumptions in international macroeconomic theory, though useful for understanding the economic relationships among developed countries, have been pushed beyond their competence to include relationships between developed economies and emerging markets. The Achilles heel of this extended development model is the assumption that threats to deprive the debtor countries of gains from trade provide incentives for poor countries to repay more than trivial amounts of international debt. Replacing this assumption with the idea that collateral is required to support gross international capital flows suggests that the pattern of current account balances seen in recent years is a sustainable equilibrium.
In: NBER working paper series 11771
In: NBER working paper series 11520
In: NBER working paper series 10626
In: NBER working paper series 10332
In: Policy research working paper 1327
In: BIS Paper No. 79k
SSRN
In: NBER International Seminar on Macroeconomics, Band 5, Heft 1, S. 110-112
ISSN: 2150-8372
In: Labour / Le Travail, Band 47, S. 171
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 53, Heft 1, S. 361-377
ISSN: 0167-2231
In: Journal of development economics, Band 63, Heft 1, S. 45-58
ISSN: 0304-3878