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분야
pptx1) Definition
2) Point of view/ details
2.Brief History
3.Features
4.Causes
5.Possible Soulutions
6.Outlook
7.Summary
8.Appendix
view:
they buy US government
bond with current account surplus to acquire stable
liquid asset.
2. United State’s point of view:
US make up the annual 6%
current account deficit by issuing government bond.
Global Imbalance was originally
seen as a problem between each
individual country in the past.
However, now the point of view
shifted from individual matter to
global matter in which global
imbalance is seen as a systematic
problem related to major nations’
macroeconomic policies and
structural faults.
Crisis had the effect of facilitating the market mechanism which allowed the global imbalance to actually reduce.
Yet, it is predicted that this rebalance would not last long. In addition,
the recent global imbalance has become a bipolar problem between
China and the US. The pegged exchange rate system utilized by China is continuously criticized by the US
the recent global imbalance problem reflects the political andeconomic
concern between the two states.
Global Imbalances have 3 features which ARE NOT Defined to Economic aspects.
1980s-RMB/US exchange rate declined from 1.50 to 8.62
1990s-It pegged to USD at 8.27
July 21,2005 the peg was lifted-RMB revaluation to 8.11 per USD
As April 29, 2011 Yuan’s exchange rate was 6.49 per 1$
1. The Korea Economics Daily, [Opinion], 2011.02.21 [Online]: http://www.hankyung.com/news/app/newsview.php?aid=2011022044581&intype=1
2. Otmar Issing (2011) ’Addressing global imbalances: the role of macroeconomic policy’
3. Chinn, M. D. and Ito, H. (2008), Global Current Account Imbalances: American Fiscal Policy versus East Asian Savings. Review of International Economics, 16:–498. doi:0.1111/j.1467-9396.2008.00741
4. IMF WEO database (2010.4)
5. e.g., Kraay and Ventura (2005) on the link between asset bubbles and the current account
6. OECD (2005) and IMF (2005a).
7. Alan Ahearne, William R. Cline, Kyung Tae Lee, Yung Chul Park, Jean Pisani-Ferry and John Williamson, Global Imbalance: Time for Action, Washington: Peterson Institute of international Economics, March 2007.
8. Bergsten, F. (2007, May 9). Currency Misalignments and the U.S Economy. In United States House of Representatives. Retrieved May 8, 2011
9. Bernanke, B. S. (2007, September 11). Speech. In Board of Governors of the Federal Reserve System. Retrieved May 8, 2011
10. IMF (2005b).
11. Jung, Jin-Young (2010), ‘East Asia’s Revenge, Frictions among Economic Systems, and Global Imbalances: Who will Take the Burden of Economic Adjustment?’
12. Franklin Allen (2011), ‘Global Imbalances: Causes, Consequences and Possible Solutions’
13. Rodrigo de Rato y Figaredo-Managing Director of International Monetary Fund (2005), ‘Global Imbalances and Poverty – Challenges for the World Economy’, National Press Club.
14. Chosun Biz, [Weekly Biz] [Column inside], 2010.06.05 http://biz.chosun.com/site/data/html_dir/2010/06/04/2010060401760.html
15. Financial Times, ‘G20 strikes compromise on global imbalances’, 2011.02.19
http://www.ft.com/cms/s/0/1a12713e-3c56-11e0-b073-00144feabdc0.html#axzz1LlI3fnKo\
*Also see Avinash Persaud (2006), ‘Simple Micro-Economic Remedies to Global Imbalances’
