The Global Imbalances as Constraints to the Economic Activity in the World Economy

  1. Jesús Ferreiro 1
  2. Patricia Peinado 1
  3. Felipe Serrano 1
  1. 1 Department of Applied Economics V, University of the Basque Country UPV-EHU, Spain
Liburua:
Economic Policies, Governance and the New Economics

Argitaletxea: Palgrave Macmillan London

ISSN: 1353-1158

ISBN: 978-1-349-43824-2,  978-1-137-02351-3

Argitalpen urtea: 2013

Orrialdeak: 122-164

Mota: Liburuko kapitulua

DOI: 10.1057/9781137023513_4 GOOGLE SCHOLAR

Laburpena

Since the beginning of the 2000s, the phenomenon of the global imbalances has been the object of special attention by economists and the international institutions. As we will see later, before the crisis there was a clear division between those that interpreted these imbalances as a disequilibrium and those that argued that they were a new kind of world equilibrium (the so-called ‘Bretton Woods II’ hypothesis), where the countries with current account surpluses were financing the countries with current account deficits.