Global Imbalances and the International Reserve System
17 Pages Posted: 9 May 2005
Date Written: May 2005
Abstract
Policymakers worldwide are primarily concerned about the sustainability of the global imbalances and the implications for the stability of the world economy, but they have not paid enough attention to the implications of the imbalances for the equity and efficiency of the resource allocation across countries. While most analysts mainly focus on the macroeconomic and structural issues associated with imbalances, this article emphasizes the inherent connection between the global imbalances and the flawed international reserve system.
Keywords: Global imbalances, international reserve system, US deficit
JEL Classification: F33, F00
Suggested Citation: Suggested Citation
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