Abstract:

Fiscal imbalances, Developed countries, Emerging markets, Capital account, Balance sheets, Financial crises, crises, business cycles, capital flows, capital inflows, exchange rate, real effective exchange rate, effective exchange rate, capital markets, current account deficit, real appreciation, foreign exchange, ppp, global capital markets, foreign capital, exchange rates, capital account crises, exchange rate policy, current account deficits, fixed exchange rates, net capital, foreign exchange reserves, current account balance, exchange reserves, exchange risk, net capital flows, capital inflow, crisis prevention, foreign capital inflows, capital controls, capital control, moral hazard, fl