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- 2009499331 abstract "Crafting stimulus packages and financial bailouts to address immediate problems has for many reasons been a priority for policymakers. In this Council Special Report, however, Steven Dunaway argues that policymakers must go beyond these steps and tackle one of the root causes of today's crisis: imbalances between savings and investment in major countries. The report analyzes the nature of these imbalances, which occur when some countries, such as the United States, run large current account (essentially trade) deficits while others, such as China, maintain large surpluses. Dunaway identifies three features of the international financial system that have allowed the imbalances to persist, features that involve both floating and managed exchange rates as well as the issuance of reserve assets. In particular, he notes that the United States' status as an issuer of such assets has enabled it to finance a current account deficit. The report then prescribes a variety of steps to address global imbalances. Beyond stimulus packages around the world, it urges measures to raise savings (principally government savings) in the United States, reform labor and product markets in Europe and Japan to increase competition and flexibility, and boost domestic consumption in China. Finally, the report advocates improving International Monetary Fund (IMF) surveillance of member states' economic policies by reducing the role of the Fund's executive board and depoliticizing the selection of its senior management.".
- 2009499331 contributor B11671983.
- 2009499331 contributor B11671984.
- 2009499331 created "c2009.".
- 2009499331 date "2009".
- 2009499331 date "c2009.".
- 2009499331 dateCopyrighted "c2009.".
- 2009499331 description "Crafting stimulus packages and financial bailouts to address immediate problems has for many reasons been a priority for policymakers. In this Council Special Report, however, Steven Dunaway argues that policymakers must go beyond these steps and tackle one of the root causes of today's crisis: imbalances between savings and investment in major countries. The report analyzes the nature of these imbalances, which occur when some countries, such as the United States, run large current account (essentially trade) deficits while others, such as China, maintain large surpluses. Dunaway identifies three features of the international financial system that have allowed the imbalances to persist, features that involve both floating and managed exchange rates as well as the issuance of reserve assets. In particular, he notes that the United States' status as an issuer of such assets has enabled it to finance a current account deficit. The report then prescribes a variety of steps to address global imbalances. Beyond stimulus packages around the world, it urges measures to raise savings (principally government savings) in the United States, reform labor and product markets in Europe and Japan to increase competition and flexibility, and boost domestic consumption in China. Finally, the report advocates improving International Monetary Fund (IMF) surveillance of member states' economic policies by reducing the role of the Fund's executive board and depoliticizing the selection of its senior management.".
- 2009499331 description "Includes bibliographical references (p. 31-32).".
- 2009499331 extent "ix, 44 p. :".
- 2009499331 hasFormat "Also available online at the CFR website.".
- 2009499331 identifier "0876094280 (pbk.)".
- 2009499331 identifier "9780876094280 (pbk.)".
- 2009499331 identifier Global_Imbalances_CSR44.pdf.
- 2009499331 isFormatOf "Also available online at the CFR website.".
- 2009499331 isPartOf "CSR (New York, N.Y.) ; no. 44.".
- 2009499331 isPartOf "Council special report / Council on Foreign Relations ; no. 44".
- 2009499331 issued "2009".
- 2009499331 issued "c2009.".
- 2009499331 language "eng".
- 2009499331 publisher "Washington, D.C. : Council on Foreign Relations, Center for Geoeconomic Studies,".
- 2009499331 relation "Also available online at the CFR website.".
- 2009499331 subject "332/.042 23".
- 2009499331 subject "Balance of payments.".
- 2009499331 subject "Balance of trade.".
- 2009499331 subject "HG3882 .D86 2009b".
- 2009499331 subject "International Monetary Fund.".
- 2009499331 subject "International finance.".
- 2009499331 subject "Saving and investment.".
- 2009499331 title "Global imbalances and the financial crisis / Steven Dunaway.".
- 2009499331 type "text".