Banco Central de ChileVolumen XII: Current Account and External Financing
Edited by Kevin Cowan; Sebastián Edwards; Rodrigo O. Valdés - ISBN 978-956-7421-30-5
"A decade ago, capital flows te emerging economies stopped suddenly, leading to financial crises, job destruction, and political upheaval. Partly in response, the world has since restructured in radical ways: financial capital flows now go from developing countries to the United States; the current accounts of emerging economies show huge surpluses, leading to strong pressures for their currencies to appreciate and their net foreign reserves to balloon; and the forces towards recession, banking crises and stock markets crashes are coming from the center, not from the periphery. This excellent volume brings together several first rate contributions to the understanding of the origins, mechanisms, and policy implications of recent developments. This is essential reading, especially as we grapple to respond to the challenges created by the new global landscape."
Roberto Chang, Pofessor of Economics, Reutgers University
"A remarkably broad-ranging and eclectic collection of studies that span the key academic and policy debates underlying today's massive global current account imbalances. On the one hand, the imbalances show the huge upside to financial globalization, in terms of more efficient global utilization of savings and distribution of risk. On the other hand, as these research studies make c1ear, large current account imbalances still pose many risks."
Kenneth Rogoff, Harvard University
Table of Contents
The following documents are in Acrobat format.