European Perspectives on Global Imbalances PDF Download

Author: Alan G. Ahearne
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Author: Antonina Bakardjieva Engelbrekt
Publisher: Edward Elgar Publishing
ISBN: 1784716731
Category : Political Science
Languages : en
Pages : 288

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Book Description
The EU’s Role in Fighting Global Imbalances looks at the role of the European Union in addressing some of the greatest challenges of our time: poverty, protectionism, climate change, and human trafficking. The recent crisis has depleted the Union’s economic and political resources. At the same time the Union is, like never before, expected to confront these global challenges on the world political arena, where new regional power centres are establishing themselves. Based on a broad and interdisciplinary understanding of the concept of global imbalances, this book argues that these challenges follow from pervasive global imbalances, which at root are economic, political, and legal in character. Contributions from ten leading scholars in the fields of economics, law, and political science provide in-depth analyses of three key dimensions of EU foreign policy, namely: the internal challenges facing the EU, as its 28 member countries struggle to coordinate their actions; the external challenges facing the EU on the global arena, in areas where global imbalances are particularly pervasive, and where measures taken by the Union can have an important impact; and the EU´s performance on the global arena, in the eyes of other key actors. This policy-oriented, interdisciplinary volume offers real insight into the European Union and its role in global affairs and will appeal to academics and policy-makers alike.

Author: Marc Uzan
Publisher: Routledge
ISBN: 1135975043
Category : Business & Economics
Languages : en
Pages : 149

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This book is the result of a workshop on the effects of globalization on Asian and European countries, organized by Marc Uzan and the Austrian Ministry of Finance in April 2006. Bringing together key academics, policy makers and private market participants, these chapters cover the current debate of global imbalances and the way to resolve the disequilibrium in the international monetary system and understand the need for international cooperation among the different monetary areas of the world. Various important points come out of the book; firstly there is an emphasis on the difficulties for Europeans and Asians to find common positions vis-à-vis global imbalances due to different exchange rate regimes throughout Asia preventing similar responses. The role of the US dollar as a world currency is also discussed, as well as EU regional monetary cooperation and an analysis of the Euro. The implementation of economic policy to redress global imbalances is also considered, as is the emergence of China on the world stage and its industrial development projects. These questions and the way the international financial community will resolve them, will have a huge impact in the functioning of the international monetary system. The current unwinding of the global imbalances that we are facing with the global market disruptions since August 2007, demonstrate that a new geography of international finance is emerging between Europe and Asia. The book addresses also the way that a dialog in the field in monetary arena needs to be structured between Europe and Asia.

Author: Philip R. Lane
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 66

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Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.

Author: Ariane Hillig
Publisher: diplom.de
ISBN: 3954897385
Category : Business & Economics
Languages : en
Pages : 87

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Book Description
In the past ten years, huge economic imbalances among US-Asia as well as eurozone countries have built up which have led to numerous crisis situations. Thus, the goal of this book is to find out if economic imbalances are sustainable or if they need to be rebalanced? What role do distinct national policies play? The author is going to compare the imbalances of US-China with the intra-euro imbalances of Germany, Spain and Italy. Firstly, the historical development of the economic imbalances is presented in order to point out the unprecedented height of the mentioned imbalances. Furthermore, the author is analyzing the causes of imbalances by presenting the development of the competitiveness, the saving-/investment rates, the financial markets as well as the different national policies. It is shown that distinct national policies were the underlying causes for the development of such high economic imbalances. After having seen the historical development as well as the causes, the author describes the possible costs and benefits of having imbalances as well as the implications of the global financial crisis and the current European crisis. Due to the increasing globalization, the financial crisis spread fast and led to huge losses and decreasing investor’s trust in European countries. This resulted in the European crisis which subsequently could also endanger the global economy. Because of the huge crisis’ impact, traditional and alternative balancing channels are also compared. Despite supporting measures such as restrictive fiscal policies and financial assistance, Europe is still suffering from an economic downturn whereas the US returned to a slow economic recovery. At the end, the author concludes that global imbalances need to be rebalanced in order not to avoid reaching an unsustainable level. The occurring as well as rebalancing of economic imbalances highly depends on distinct national policies. Unless the international coordination and cooperation increases, economic imbalances will continue to occur and will lead to economic crises when reaching an unsustainable level.

Author: Bruno Dallago
Publisher: Routledge
ISBN: 1317281179
Category : Business & Economics
Languages : en
Pages : 278

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The financial and economic crisis in Europe is not over, and the radically opposing strategies on how to proceed has only increased the complexity of problems in the region, revealing the shortcomings of the EU’s architecture. The European Union, perhaps for the first time in its history of more than seventy years, is being perceived as a threat to the financial and monetary stability of the world. A Global Perspective on the European Economic Crisis explores the connection between internal EU actions and institutions and the external factors that influence the ongoing response to the European crisis. With a unique collection of international and interdisciplinary essays, this book considers the complex macroeconomic and challenging political landscape of Europe, looking at how and why the European Union is untenable in its current state. The chapters outline what should be done to make the common currency area more resilient, and explain why external events are particularly problematic for the EU, ultimately offering suggestions for what Europeans should do in order to avoid harmful internal consequences. This volume confronts the causes of the crisis’ persistence, its economic and political consequences, and the impact of more recent events and policy decisions. It will be of interest to researchers and policy-makers keen to understand the EU relations and the influence of international organizations in the European economic crisis.

Author: Michael D. Bordo
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 44

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Book Description
This paper takes an historical perspectives approach to the current episode of global imbalances. I consider four historical episodes which may give some indications as to whether the adjustment to U.S. current account deficit will lead to a 'benign' or 'gloomy' outlook. The episodes are: the transfer of capital in the earlier era of globalization the late nineteenth century; the interwar gold exchange standard; Bretton Woods; and the 1977-79 dollar crisis. I conclude that adjustment in earlier era of globalization has more resonance for the current imbalance than the other scenarios.

Author: Niall Ferguson
Publisher: Penguin
ISBN: 1101548029
Category : History
Languages : en
Pages : 432

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From the bestselling author of The Ascent of Money and The Square and the Tower “A dazzling history of Western ideas.” —The Economist “Mr. Ferguson tells his story with characteristic verve and an eye for the felicitous phrase.” —Wall Street Journal “[W]ritten with vitality and verve . . . a tour de force.” —Boston Globe Western civilization’s rise to global dominance is the single most important historical phenomenon of the past five centuries. How did the West overtake its Eastern rivals? And has the zenith of Western power now passed? Acclaimed historian Niall Ferguson argues that beginning in the fifteenth century, the West developed six powerful new concepts, or “killer applications”—competition, science, the rule of law, modern medicine, consumerism, and the work ethic—that the Rest lacked, allowing it to surge past all other competitors. Yet now, Ferguson shows how the Rest have downloaded the killer apps the West once monopolized, while the West has literally lost faith in itself. Chronicling the rise and fall of empires alongside clashes (and fusions) of civilizations, Civilization: The West and the Rest recasts world history with force and wit. Boldly argued and teeming with memorable characters, this is Ferguson at his very best.

Author: Anton Brender
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 200

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The world economy is just starting to recover from the most disastrous episode in the history of financial globalisation. Understanding what happened is essential. Anton Brender and Florence Pisani, both economists with Dexia Asset Management and teaching at Paris-Dauphine University, argue in this book that the main problems were deeply rooted and are to be found in two tightly linked developments that for many years were left largely uncontrolled: the increase in the intensity of international transfers of savings - the so-called 'global imbalances' - and a wave of innovations - globalised finance - that have changed the way savings and the risks associated with their investment can be transferred. Globalised finance allowed continuously increasing amounts of emerging countries' savings, invested in 'risk-free' assets, to finance loans that were far from being risk-free. The risks attendant on those loans did not vanish of course: they were carried by the risk-takers of the globalised financial system. Hedge-funds, investment banks, off-balance-sheet vehicles, etc. functioned here as parts of a genuine alternative banking system, taking on the bulk of the liquidity, interest-rate and credit risks generated by the mismatch between the assets that emerging regions' savers were ready to - or could - invest in and the liabilities developed countries' borrowers issued. Unfortunately, no one was in charge of keeping in check either the quantity of risk being accumulated in this way or the quality of the loans generating those risks. The consequence was terrible: the only force that could finally rein in the continuous deepening of the global imbalances was the collapse of globalised finance.

Author: Andreas Steiner
Publisher: Elsevier
ISBN: 0128104031
Category : Business & Economics
Languages : en
Pages : 206

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Book Description
Global Imbalances, Financial Crises, and Central Bank Policies assesses the relationships between global imbalances, financial crises, and central bank policies, with a specific focus on their reserves. The book contains a strictly international perspective with an analysis based on empirical research that enables the reader to develop an analytical model that emphasizes interactions among individual central banks. With this innovative approach, the book develops a new method for defining an optimal demand for reserves. In addition, the book describes implications for financial reforms that might ultimately be more important than its empirical findings. Presents a systematic account of the relationship between the build-up of reserves and central bank policies Emphasizes a global view of currency reserves, which is usually ignored in analyses of their effect Includes datasets as well as all illustrations and figures in online ancillary materials