Financial Flows and International Imbalances - The Role of Catching-up by Late Industrializing Developing Countries
Jan A. Kregel
Bard College - The Levy Economics Institute
February 21, 2008
Levy Economics Institute Working Papers No. 528
While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the result of a process of catching up by lateindustrializing developing countries. This may call for an alternative approach that assesses how they can be managed in order to support developing countries' efforts to achieve successful industrialization and integration into the global trade and financial system. In this light, the paper presents an alternative explanation of the existence and persistence of the currently high levels of imbalances and suggests reasons why they may persist in the medium term.
Number of Pages in PDF File: 34
Keywords: Economic Development, Global Outlook, International Investment, Current
JEL Classification: F01, F21, F32, F42, O11working papers series
Date posted: March 10, 2008
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