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Impact of the U.S. as a debtor nation and Japan as a creditor nation.

Zur Beseitigung der weltwirtschaftlichen Ungleichgewichte und zur Aufrechterhaltung der internationalen Handels- und Kapitalströme hat das Plaza-Abkommen eine neue Basis für die hierzu erforderliche internationale Wirtschaftskooperation der G-5 Länder gelegt. Die dringenden Probleme werden sich allerdings nur dann längerfristig lösen lassen, wenn die großen Industrieländer grundlegende Strukturreformen ihrer Wirtschaften durchführen und das internationale Währungssystem reformiert werden kann. Andernfalls sind auch negative Auswirkungen auf das westliche Sicherheitsbündnis nicht mehr auszuschließen. (SWP-Bmt)

New Zealand has for a long-time lived with a large and negative international investment position, mainly in the form of private debt intermediated through the banking system. These debts create economic risks. Fortunately New Zealand's good institutional and policy arrangements provide economic resilience to avoid and respond to economic shocks. These include: relatively transparent and prudent fiscal policy; independent monetary policy; and a floating exchange rate. This resilience has also been strengthened by relatively prudent private sector lending and borrowing. However, this does not mean New Zealanders can be complacent. History shows that high levels of debt secured against elevated asset prices tend to magnify the negative impacts of economic shocks, or can cause persistent slow growth. This paper departs from typical discussions of debt imbalances by suggesting New Zealand's private debts could reflect decisions that may have been poorly made for some time. This results from long-term structural and fiscal policy settings that may have discouraged saving. In turn, this may have contributed to tighter monetary conditions than otherwise needed for price stability. This contributed to the stifling of tradables production to the detriment of economic growth. Like the recent Canterbury earthquakes, the nature of potential macroeconomic shocks and the likelihood of them eventuating are difficult to identify with precision or confidence. The sharp adjustment that should be avoided is where creditors suffer a loss of confidence in New Zealand's debtors. This would force a substantial cut to standards of living, which a policy response designed to pro-actively reduce debt may be able to avoid. Accordingly, New Zealand's government should be vigilant in pursuing fiscal and regulatory policies that continue to build resilience through encouraging individuals to strengthen their financial position.

Cover -- EXECUTIVE EDITORIAL BOARD -- Guest editorial -- Liquidity, interest rates and house prices in the euro area: a DSGE analysis -- House price return volatility patterns in Turkey, Istanbul, Ankara and Izmir -- Modeling property bubble dynamics in Greece, Ireland, Portugal and Spain -- The housing market channel of monetary policy transmission in the Euro area -- The sources of house price change: identifying liquidity shocks to the housing market

The present world economic order is based on domination and inequality. The world is bifurcated into two asymmetrical groups of countries: the North and the South. While the economies of the North are generally strong, industrialized, and self-reliant, those of the South are predominantly weak, disarticulated, unindustrialized, appendage and dependent on the North. Explanations for this reality of inequality and disparity in the levels of development in the world have precipitated scholarly debates, postulations and theoretical formulations. Among such theories is the dependency theory. As a theory of development and underdevelopment studies and an analytical framework within the discipline of international economic relations, the dependency theory discusses the reality of underdevelopment and global economic imbalance in the international system. It rejects underdevelopment as a natural condition of the poor societies of the South, and links underdevelopment to dependence, a situation which history of colonial imperialism has left and which modern imperialism creates in underdeveloped countries. This paper argues that though the dependency theory possesses appreciable explanatory capability for the unfortunate global economic disparity, but it is not without limitations. The paper challenges the methodological and conceptual correctness of the propositions underlying a number of dependency theoretical assumptions. It recommends that looks should be taken beyond the theoretical offers of dependency for a wholesome understanding of failure of development in the third world, and explanation for the present global economic imbalance.

Abstract"Global imbalances" manifest in the large current account deficits and surpluses in the global economy and blamed by many for the global financial crisis of 2008 has become a source of much friction and discord among the G-20 economies. Rebalancing the global economy is essential to mitigating the divisions and promoting a more sustainable economic recovery. How and why did these imbalances emerge in the first place, what explains why rebalancing has proven to be so difficult, and what are the implications of failure? This paper addresses these interrelated issues.

The paper presents the results of a study in the field of a comprehensive economic assessment of the competitive advantages of cogeneration power sources in the context of economic imbalances. In the course of the study, the theoretical and methodological aspects of the competitive development of energy cogeneration systems were studied. Thus, it is proved that for the methodological support of the process of constructing strategic tasks in energy-generating companies operating in energy cogeneration systems, it is necessary to develop specialized industry methodological tools for assessing business processes in the field of cogeneration. In addition, the revealed multilevel specifics of positioning cogeneration energy sources in the territorial energy market under the conditions of economic imbalances required creation of a special methodology to take into account the peculiarities of the development of energy cogeneration systems with the help of which it is possible to study the nature of the impact of economic imbalances that disrupt the normal course of the investment process in energy cogeneration systems. Testing of the developed methodology showed that the relationship between the centralized and distributed energy cogeneration systems can be different depending on the market conditions and the state of the competitive environment. Thus, in addition to traditional steam turbine plants, in a centralized energy cogeneration system, priority should be given to cogeneration gas plants, as the most competitive in terms of efficiency and maneuverability, and in a distributed - to cogeneration gas turbine plants, mainly built on the basis of local boiler houses. © 2020 WIT Press. ; The work was supported by Act 211 of the Government of the Russian Federation, Contract No. 02. A03.21.0006, and the Russian Foundation for Basic Research (RFBR), Contract No. 20-010-00886.