Financial Flows and International Imbalances - The Role of Catching-up by Late Industrializing Developing Countries

Levy Economics Institute Working Papers No. 528

34 Pages Posted: 10 Mar 2008

See all articles by Jan A. Kregel

Jan A. Kregel

Bard College - The Levy Economics Institute

Date Written: February 21, 2008

Abstract

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.

Keywords: Economic Development, Global Outlook, International Investment, Current

JEL Classification: F01, F21, F32, F42, O11

Suggested Citation

Kregel, Jan A., Financial Flows and International Imbalances - The Role of Catching-up by Late Industrializing Developing Countries (February 21, 2008). Levy Economics Institute Working Papers No. 528. Available at SSRN: https://ssrn.com/abstract=1096187 or http://dx.doi.org/10.2139/ssrn.1096187

Jan A. Kregel (Contact Author)

Bard College - The Levy Economics Institute ( email )

Blithewood
Annandale-on-Hudson, NY 12504
United States
845-758-7700 (Phone)
845-758-1149 (Fax)

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