Global imbalances and external adjustment after the crisis

Over five years have passed since the most intense phase of the global financial crisis. As has been widely documented the pre-crisis period was characterized by increased dispersion in current account deficits and surpluses facilitated by a benign global financial environment characterized by low r...

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Autores principales:	Lane, Philip R., Milesi-Ferretti, Gian Maria
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	CRISIS FINANCIERA CRISIS ECONÓMICA 2008
Acceso en línea:	https://hdl.handle.net/20.500.12580/3897
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spelling	oai-20.500.12580-38972021-04-24T11:17:26Z Global imbalances and external adjustment after the crisis Lane, Philip R. Milesi-Ferretti, Gian Maria CRISIS FINANCIERA CRISIS ECONÓMICA 2008 Over five years have passed since the most intense phase of the global financial crisis. As has been widely documented the pre-crisis period was characterized by increased dispersion in current account deficits and surpluses facilitated by a benign global financial environment characterized by low risk aversion by borrowers and lenders as well as low volatility (see amongst others Lane 2013). While the crisis was not triggered by an unraveling of global imbalances it did lead to a drastic change in the global financial environment and a sharp compression of current account balances. But was this initial adjustment the result of cyclical factors including the initial sharp decline in domestic demand in deficit countries such as the United States the eurozone periphery and several countries in Central and Eastern Europe as well as initially declining commodity prices? Or has the external adjustment process been more protracted with a stronger structural component? 2019-11-01T00:07:06Z 2019-11-01T00:07:06Z 2015 Artículo 978-956-7421-47-3 https://hdl.handle.net/20.500.12580/3897 eng Series on Central Banking Analysis and Economic Policies no. 20 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 105-142 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	CRISIS FINANCIERA CRISIS ECONÓMICA 2008
spellingShingle	CRISIS FINANCIERA CRISIS ECONÓMICA 2008 Lane, Philip R. Milesi-Ferretti, Gian Maria Global imbalances and external adjustment after the crisis
description	Over five years have passed since the most intense phase of the global financial crisis. As has been widely documented the pre-crisis period was characterized by increased dispersion in current account deficits and surpluses facilitated by a benign global financial environment characterized by low risk aversion by borrowers and lenders as well as low volatility (see amongst others Lane 2013). While the crisis was not triggered by an unraveling of global imbalances it did lead to a drastic change in the global financial environment and a sharp compression of current account balances. But was this initial adjustment the result of cyclical factors including the initial sharp decline in domestic demand in deficit countries such as the United States the eurozone periphery and several countries in Central and Eastern Europe as well as initially declining commodity prices? Or has the external adjustment process been more protracted with a stronger structural component?
format	Artículo
author	Lane, Philip R. Milesi-Ferretti, Gian Maria
author_facet	Lane, Philip R. Milesi-Ferretti, Gian Maria
author_sort	Lane, Philip R.
title	Global imbalances and external adjustment after the crisis
title_short	Global imbalances and external adjustment after the crisis
title_full	Global imbalances and external adjustment after the crisis
title_fullStr	Global imbalances and external adjustment after the crisis
title_full_unstemmed	Global imbalances and external adjustment after the crisis
title_sort	global imbalances and external adjustment after the crisis
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3897
work_keys_str_mv	AT lanephilipr globalimbalancesandexternaladjustmentafterthecrisis AT milesiferrettigianmaria globalimbalancesandexternaladjustmentafterthecrisis
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Global imbalances and external adjustment after the crisis

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