Current Account Imbalances, and Global Liquidity
These topics are the subject of two special issues, the first in IMF Staff Papers, and the second in the Review of International Economics.
Figure 1 from Hamid Faruqee, Jaewoo Lee, "Global Dispersion of Current Accounts: Is the Universe Expanding?" (working paper version).
The IMF Staff Papers has published the proceedings from the current account sustainability conference Charles Engel and I convened in the Spring of 2008 (and discussed here). The papers included in this section, edited by Akito Matsumoto, are:
Special Section: Current Account Sustainability in Major Advanced Economies
Introduction, Akito Matsumoto
Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Markets, Charles Engel and John H Rogers
Global Dispersion of Current Accounts: Is the Universe Expanding?, Hamid Faruqee and Jaewoo Lee
How Long Can the Unsustainable U.S. Current Account Deficit Be Sustained?, Carol C. Bertaut, Steven B. Kamin, and Charles P. Thomas
Asset Prices and Current Account Fluctuations in G-7 Economies,
Marcel Fratzscher and Roland Straub
Global Imbalances, Productivity Differentials, and Financial Integration, by Suparna Chakraborty and Robert Dekle
Conference versions of the papers available here
Figure 9 from Joseph Gruber, Steven Kamin, "Do Differences in Financial Development Explain the Global Pattern of Current Account Imbalances?" working paper version.
The Review of International Economics special issue on "Global Liquidity" included the following papers:
Understanding Global Liquidity in a Volatile World, by
Joshua Aizenman, Menzie Chinn, Michael Hutchison
Will Sub-Prime be a Twin Crisis for the United States?, by Michael P. Dooley, David Folkerts-Landau, Peter M. Garber
Do Differences in Financial Development Explain the Global Pattern of Current Account Imbalances?, by Joseph Gruber, Steven Kamin
Can International Productivity Differences Alone Account for the US Current Account Deficits?, by Suparna Chakraborty, Robert Dekle
Global Imbalances: The Role of Emerging Asia, by Pietro Cova, Massimiliano Pisani, Alessandro Rebucci
Capital Flows, Capitalization, and Openness in Emerging East Asian Economies, by Alex Mandilaras, Helen Popper
Monetary and Financial Integration in the EMU: Push or Pull?, by
Mark M. Spiegel
Sterilization, Monetary Policy, and Global Financial Integration, by Joshua Aizenman, Reuven Glick
A Macroeconomic Perspective on Reserve Accumulation, by
Avner Bar-Ilan, Nancy P. Marion
Hoarding of International Reserves: Mrs Machlup's Wardrobe and the Joneses, by Yin-Wong Cheung, Xingwang Qian
Option Pricing Approach to International Reserves, by Jaewoo Lee
What is Driving Reserve Accumulation? A Dynamic Panel Data Approach by Diego Bastourre, Jorge Carrera, Javier Ibarlucia
The papers were originally presented at a Santa Cruz Institute for International Economics conference on Global Liquidity in April of 2008, organized by Joshua Aizenman and Michael Hutchison.