Global Imbalances and Currency Crises
Readings
Aizenman, Joshua, and Jaewoo Lee. “International Reserves: Precautionary vs. Mercantilist Views, Theory and Evidence.” IMF Working Paper, WP/05/198 (2005).
Beckworth, David, and Christopher Crowe. “The International Impact of the Fed When the United States is a Banker to the World.” Accessed 2016. http://people.wku.edu/david.beckworth/hoover.pdf.
Bernanke, Ben S, “The Global Savings Glut and the U.S. Current Account Deficit,” Sandridge Lecture delivered to the Virginia Association of Economists, March 10, 2005.
Bernanke, Ben S., Carol Bertaut, Laurie Pounder DeMarco, and Steven Kamin. “International Capital Flows and the Returns to Safe Assets in the United States, 2003-2007.” Board of Governors of the Federal Reserve System International Finance Discussion Papers, no 1014 (February 2011).
Bernanke, Ben S., “Federal Reserve Policy in an International Context,” 16th Jacques Polak Annual Research Conference, November 5-6, 2015.
Borio, Claudio and Piti Disyatat. “Global Imbalances and the Financial Crisis: Link or No Link?” BIS Working Papers, no. 346 (May 2011).
Borio, Claudio, “The Movie Plays On: A Lens for Viewing the Global Economy,” FT Debt Capital Markets Outlook, February 10, 2016.
Borio, Claudio, “More Pluralism, More Stability,” Presentation at Seventh High-level SNB-IMF Conference on the International Monetary System, May 10, 2016.
Brown, Stuart S. and Hongying Wang. “China’s Rise as an International Creditor: Sign of Strength?” In Enter the Dragon: China in the International Financial System, edited by Demenico Lombardi and Hongying Wang, Chapter 7. Waterloo: Centre for International Governance Innovation, 2015.
Caballero, Ricardo J. “On the Macroeconomics of Asset Shortages.” NBER Working Papers, no. 12753 (December 2006).
Caballero, Ricardo J., and Arvind Krishnamurthy. “Global Imbalances and Financial Fragility.” NBER Working Papers, no.14688 (January 2009).
Calvo, Guillermo A. and Carmen M. Reinhart. “When Capital Flows Come to a Sudden Stop: Consequences and Policy Options.” In Key Issues in Reforming the International Monetary and Financial System, edited by Alexander K. Swoboda et al, 175-201. International Monetary Fund, 2000.
Chinn, Menzie. (2015) “Currency Misalignment: A Reprise”. Accessed Mar 15, 2015. http://econbrowser.com/archives/2015/05/currency-misalignment-a-reprise.
Cline, William R. The United States as a Debtor Nation. Washington, DC: Peterson Institute for International Economics, 2005.
Cline, William R. “Long-Term Fiscal Imbalances, US External Liabilities, and Future Living Standards” In The Long-Term International Economic Position of the United States: Special Report, edited by C. Fred Bergsten, 11-34. Washington, DC: Peterson Institute for International Economics, April 2009.
Corden, W. Max. “Those Current Account Imbalances: A Skeptical View.” The World Economy, vol. 30, issue 3 (March 2007): 363-382.
Fischer, Stanley, “The Federal Reserve and the Global Economy,” Per Jacobsson Foundation Lecture at 2014 Annual Meetings of the International Monetary Fund and the World Bank Group, October 11, 2014.
Gourinchas, Pierre-Olivier and Hélène Rey. “From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege.” In G7 Current Account Imbalances: Sustainability and Adjustment, edited by Richard H. Clarida, 11-66. Chicago: University of Chicago Press. May 2007.
Gourinchas, Pierre-Olivier, Hélène Rey, and Kai Truempler. “The Financial Crisis and the Geography of Wealth Transfers.” NBER Working Paper, no. 17353 (August 2012).
Gourinchas, Pierre-Olivier and Hélène Rey. “External Adjustment, Global Imbalances, Valuation Effects.” NBER Working Paper, no. 19240 (July 2013).
Gourinchas, Pierre-Olivier and Olivier Jeanne, 2012. "Global safe assets," BIS Working Papers 399, Bank for International Settlements.
International Monetary Fund, “Article IV of the Fund’s Articles of Agreement: An Overview of the Legal Framework,” the Legal Department in consultation with the Policy Development and Review Department Approved by Sean Hagan, June 28 2006.
Kindleberger, Charles P.. “Balance-of-Payments Deficits and the International Market for Liquidity.” International Finance, no. 46 (May 1965).
Kregel, Jan. “An Alternative Perspective on Global Imbalances and International Reserve Currencies.” Public Policy Brief, no. 116 (2010).
Lucas, Robert E. “Why Doesn’t Capital Flow from Rich to Poor Countries?” The American Economic Review, vol. 80, no. 2. (1990).
Mann, Catherine. “International Capital Flows and the Sustainability of the US Current Account Deficit”. In The Long-Term International Economic Position of the United States: Special Report, edited by C. Fred Bergsten, 35-64. Washington, DC: Peterson Institute for International Economics, May 2009.
Mantega, Guido, a speech in Sao Paulo to Brazilian industrial leaders ahead of presidential elections, September 27, 2010.
McCauley, Robert N., Patrick McGuire, and Vladyslav Sushko, “Global Dollar Credit: Links to US Monetary Policy and Leverage,” BIS Working Papers, no. 483 (January 2015).
Mishara, Prachi and Raghuram Rajan, “Rules of the Monetary Game,” RBI Working Paper Series, no. 4 (March 2016).
Mundell, Robert A., “Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates,” The Canadian Journal of Economics and Political Science / Revue canadienne d'Economique et de Science politique, vol. 29, no. 4 (November 1963): 475-485.
Obstfeld, Maurice, and Alan M. Taylor, “International Monetary Relations: Taking Finance Seriously,” Journal of Economic Perspectives, vol. 32, no. 3 (Summer 2017): 3-28.
Obstfeld, Maurice “Does the Current Account Still Matter?” Richard T. Ely Lecture of American Economic Association Annual Meeting, Chicago, January 6, 2012.
Ostry, Jonathan D., Atish R. Ghosh, Karl Hebermeier, Marcos Chamon, Mahvash S. Qureshi, and Dennis B.S. Reinhardt, "Capital Flows: The Role of Controls," IMF Staff Position Paper Note, SPN/10/04, February 19, 2010.
Pettis, Michael. The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy. Princeton: Princeton University Press, 2013.
Pettis, Michael. “How China’s ‘Currency Manipulation’ Enhances the Global Role of the U.S. Dollar.” Foreign Policy, July 22, 2016.
Rajan, Raghuram, “Competitive Monetary Easing: is it Yesterday Once More,” Speech at Brookings Institution, April 10, 2014.
Rey, Hélène, “Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence,” paper presented at the 25th Federal Reserve Bank of Kansas City Annual Economic Policy Symposium, August, 2013.
Rey, Hélène, “The International Credit Channel and Monetary Autonomy,” Mundell-Flemming Lecture, November 13, 2014.
Triffin, Robert. Gold and the Dollar Crisis: The Future of Convertibility. New Haven: Yale University Press, 1960.
Zhou, Xiaochuan. “Reform of the International Monetary System.” Accessed 2009. http://www.bis.org/review/r090402c.pdf