Arbeitspapier
An asymmetry matrix in global current accounts
The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and euro area (Germany) as center countries with rising current account deficits (US) and surpluses (Germany) which are matched by respective current account surpluses of coun-tries stabilizing their exchange rates against the dollar (dollar periphery) and rising current account deficits of the countries stabilizing their exchange rate against the euro (euro periphery). The paper finds that the changes of the world current account positions are driven by the macroeconomic pol-icy decisions in the centers. In particular, expansionary monetary and fiscal policies in the US are argued to have triggered rising current account surpluses of the dollar periphery countries, as mone-tary and fiscal sterilization policies in the periphery contribute to rising saving surpluses.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 76
- Classification
-
Wirtschaft
Foreign Exchange
Current Account Adjustment; Short-term Capital Movements
- Subject
-
Global Imbalances
Asymmetric World Monetary System
Twin Deficit
Twin Surplus
International Currency
- Event
-
Geistige Schöpfung
- (who)
-
Schnabl, Gunther
Freitag, Stephan
- Event
-
Veröffentlichung
- (who)
-
Universität Leipzig, Wirtschaftswissenschaftliche Fakultät
- (where)
-
Leipzig
- (when)
-
2009
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Schnabl, Gunther
- Freitag, Stephan
- Universität Leipzig, Wirtschaftswissenschaftliche Fakultät
Time of origin
- 2009
Other Objects (12)
Reverse causality in global current accounts
Inter-Temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union
Fiscal Divergence and Current Account Imbalances in Europe
Fiscal divergence and current account imbalances in Europe
The role of the chinese dollar peg for macroeconomic stability in China and the world economy
De jure versus de facto Exchange Rate Stabilization in Central and Eastern Europe
Wege zu einer stabilitäts- und wachstumsorientierten Geldpolitik aus österreichischer Perspektive
De jure versus de facto: Exchange rate stabilization in Central and Eastern Europe
Ultra-lockere Geldpolitiken, Finanzmarktblasen und marktwirtschaftliche Ordnung
Geldpolitisches Kräftemessen
Weak Economy and Strong Currency: The Origins of the Strong Yen in the 1990s
Foreign Currency Denominated Assets and International Shock Absorption in Switzerland and Japan
Reverse causality in global current accounts
Inter-Temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union
Fiscal Divergence and Current Account Imbalances in Europe
Fiscal divergence and current account imbalances in Europe
The role of the chinese dollar peg for macroeconomic stability in China and the world economy
De jure versus de facto Exchange Rate Stabilization in Central and Eastern Europe
Wege zu einer stabilitäts- und wachstumsorientierten Geldpolitik aus österreichischer Perspektive
De jure versus de facto: Exchange rate stabilization in Central and Eastern Europe
Ultra-lockere Geldpolitiken, Finanzmarktblasen und marktwirtschaftliche Ordnung
Geldpolitisches Kräftemessen
Weak Economy and Strong Currency: The Origins of the Strong Yen in the 1990s
Foreign Currency Denominated Assets and International Shock Absorption in Switzerland and Japan
Reverse causality in global current accounts
Inter-Temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union
Fiscal Divergence and Current Account Imbalances in Europe
Fiscal divergence and current account imbalances in Europe
The role of the chinese dollar peg for macroeconomic stability in China and the world economy
De jure versus de facto Exchange Rate Stabilization in Central and Eastern Europe
Wege zu einer stabilitäts- und wachstumsorientierten Geldpolitik aus österreichischer Perspektive
De jure versus de facto: Exchange rate stabilization in Central and Eastern Europe
Ultra-lockere Geldpolitiken, Finanzmarktblasen und marktwirtschaftliche Ordnung
Geldpolitisches Kräftemessen
Weak Economy and Strong Currency: The Origins of the Strong Yen in the 1990s