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dc.contributor.authorCORSETTI, Giancarlo
dc.date.accessioned2016-07-07T08:35:17Z
dc.date.available2016-07-07T08:35:17Z
dc.date.issued2009
dc.identifier.urihttp://hdl.handle.net/1814/42370
dc.descriptionPaper prepared for the framework of the CEPR-Oxford project PEGGED. An early version of the paper was discussed in the conference 'Where are the new engines of growth?', jointly organized by the Italian Ministry of the Economy and Finance and the Centre for Economic Policy Research, Rome, 23-24 July 2009.
dc.description.abstractThe policy blueprint for global recovery points to the need to reduce global imbalances. This paper discusses how the crisis is changing the environment in which global rebalancing is expected to take place, concerning the world saving glut; the relative size of balance sheets and risk premia across the private and the public sector; the difference between the real interest rate ‘r’ and the growth rate ‘g’, and its consequences for ‘bubbles’ and the macroeconomic costs of fiscal consolidation; the degree of cross border integration of markets. The paper also analyzes the role of global exchange rates in fostering rebalancing and recovery through their adjustment in nontraded wealth across countries.
dc.language.isoen
dc.relation.ispartofseriesPEGGEDen
dc.relation.ispartofseriesPolicy Paperen
dc.relation.ispartofseries2009/01en
dc.titleGlobal imbalances: what changes with the crisis?
dc.typeOther
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