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Global Imbalances

Global Imbalances »

Source: Global Imbalances : In Midstream?

Volume/Issue: 2009/29

Series: IMF Staff Position Notes

Author(s): Gian Milesi-Ferretti , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2009

ISBN: 9781462333387

Keywords: Financial crisis, Capital flows, Asset prices, Current account deficits, Cross country analysis, Capital markets, Private savings, Private investment, Investment, International financial system

This chapter analyses various reasons for global imbalances and ways to tackle these issues. Current account balances reflect a plethora of macroeconomic and financial mechanisms. The overall assessment is that the...

The Global Impact of Demographic Change

The Global Impact of Demographic Change »

Source: The Global Impact of Demographic Change

Volume/Issue: 2006/9

Series: IMF Working Papers

Author(s): Tim Callen , Warwick McKibbin , and Nicoletta Batini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451862690

Keywords: demographics, saving, demographic change, demographic transition, population growth, life expectancy, adult population

The world is in the midst of a major demographic transition. This paper examines the implications of such transition over the next 80 years for Japan, the United States, other industrial countries, and the developi...

Global Imbalances
			: In Midstream?

Global Imbalances : In Midstream? »

Volume/Issue: 2009/29

Series: IMF Staff Position Notes

Author(s): Gian Milesi-Ferretti , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2009

DOI: http://dx.doi.org/10.5089/9781462333387.004

ISBN: 9781462333387

Keywords: Financial crisis, Capital flows, Asset prices, Current account deficits, Cross country analysis, Capital markets, Private savings, Private investment, Investment, International financial system

This chapter analyses various reasons for global imbalances and ways to tackle these issues. Current account balances reflect a plethora of macroeconomic and financial mechanisms. The overall assessment is that the...

Perspectiveson Low Global Interest Rates

Perspectiveson Low Global Interest Rates »

Volume/Issue: 2006/76

Series: IMF Working Papers

Author(s): Luis Catão , and George Mackenzie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

DOI: http://dx.doi.org/10.5089/9781451863369.001

ISBN: 9781451863369

Keywords: World interest rates, global saving, bond, inflation, real interest rates, real interest rate, bonds, International Finance: General,

This paper looks at the dramatic decline in global real interest rates in recent years from a historical perspective and examines the various factors that may account for this trend. We show that current levels of...

Inequality, Leverage and Crises

Inequality, Leverage and Crises »

Volume/Issue: 2010/268

Series: IMF Working Papers

Author(s): Romain Ranciere , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

DOI: http://dx.doi.org/10.5089/9781455210756.001

ISBN: 9781455210756

Keywords: consumption inequality, distributional conflict, leverage, default risk, global solution methods, probability, calibration, survey, Macroeconomics: Consumption, Saving

The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of th...

International Risk Sharing During the Globalization Era

International Risk Sharing During the Globalization Era »

Volume/Issue: 2009/209

Series: IMF Working Papers

Author(s): Akito Matsumoto , Robert Flood , and Nancy Marion

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2009

DOI: http://dx.doi.org/10.5089/9781451873566.001

ISBN: 9781451873566

Keywords: International risk sharing, incomplete market, risk sharing, emerging markets, private consumption, income growth, Macroeconomic Aspects Of International Trade And Finance, Saving, Production, Employment

Though theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the i...

Lucas vs. Lucas
			: On Inequality and Growth

Lucas vs. Lucas : On Inequality and Growth »

Volume/Issue: 2007/17

Series: IMF Working Papers

Author(s): Juan Carlos Cordoba , and Genevieve Verdier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2007

DOI: http://dx.doi.org/10.5089/9781451865813.001

ISBN: 9781451865813

Keywords: Welfare costs, inequality, social welfare, country inequality, welfare function, welfare measures, Distribution, General Aggregative Models, Consumption, Saving

Lucas (2004) asserts that "Of the tendencies that are harmful to sound economics, the most seductive, and in my opinion the most poisonous, is to focus on questions of distribution... The potential for improving th...

Monetary Transmission of Global Imbalances in Asian Countries

Monetary Transmission of Global Imbalances in Asian Countries »

Volume/Issue: 2010/214

Series: IMF Working Papers

Author(s): Il Lee , and Woon Choi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455205455.001

ISBN: 9781455205455

Keywords: global imbalance, monetary transmission, net saving rates, dynamic panel, monetary fund, real rates, real output,

The paper explores the linkages between the global and domestic monetary gaps, and estimates the effects of monetary gaps on output growth, inflation, and net saving rates using panel data for 20 Asian countries fo...

The Global Impact of Demographic Change

The Global Impact of Demographic Change »

Volume/Issue: 2006/9

Series: IMF Working Papers

Author(s): Tim Callen , Warwick McKibbin , and Nicoletta Batini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

DOI: http://dx.doi.org/10.5089/9781451862690.001

ISBN: 9781451862690

Keywords: demographics, saving, demographic change, demographic transition, population growth, life expectancy, adult population

The world is in the midst of a major demographic transition. This paper examines the implications of such transition over the next 80 years for Japan, the United States, other industrial countries, and the developi...

The Political Economy of Redistributive Social Security

The Political Economy of Redistributive Social Security »

Volume/Issue: 1999/180

Series: IMF Working Papers

Author(s): Pierre Pestieau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

DOI: http://dx.doi.org/10.5089/9781451859096.001

ISBN: 9781451859096

Keywords: majority voting, entitlements, aging, tax rate, pension, entitlement, private saving

Population aging puts significant pressure on social security systems that are based mainly on a pay-as-you-go (PAYG) formula and determined by the political process in which both retirees and future retirees parti...