Political Economy of Global Economic Imbalances. (With Abstract)

By: Material type: ArticleArticleLanguage: ENG Series: ; 12Publication details: Dec 2006 0Edition: 12Description: 87-96 PpSubject(s): DDC classification:
  •  Jai
Online resources: Summary: This paper analyzes the implications of lack of global economic cooperation in the light of the current global economic imbalances. While the causes of the imbalances can be disputed, two conclusions emerge from the analyses of these imbalances: First, no single country is the source of these imbalancesdecisions of many regions of the world contribute to the imbalancesand second, chances are very slim that market forces alone will correct these imbalances. If past experience is any guide, lack of international regulation and coordination has frequently led to the cycle of "calm-boom-bust" in international financial markets. Unless the major economic blocks in the global economy make a coordinated effort very soon, another financial crisis may be in the making.
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This paper analyzes the implications of lack of global economic cooperation in the light of the current global economic imbalances. While the causes of the imbalances can be disputed, two conclusions emerge from the analyses of these imbalances: First, no single country is the source of these imbalancesdecisions of many regions of the world contribute to the imbalancesand second, chances are very slim that market forces alone will correct these imbalances. If past experience is any guide, lack of international regulation and coordination has frequently led to the cycle of "calm-boom-bust" in international financial markets. Unless the major economic blocks in the global economy make a coordinated effort very soon, another financial crisis may be in the making.

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