(Why) Should Current Account Balances Be Reduced?

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book (Why) Should Current Account Balances Be Reduced? by Gian-Maria Mr. Milesi-Ferretti, Olivier Blanchard, INTERNATIONAL MONETARY FUND
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Author: Gian-Maria Mr. Milesi-Ferretti, Olivier Blanchard ISBN: 9781455235087
Publisher: INTERNATIONAL MONETARY FUND Publication: March 1, 2011
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Gian-Maria Mr. Milesi-Ferretti, Olivier Blanchard
ISBN: 9781455235087
Publisher: INTERNATIONAL MONETARY FUND
Publication: March 1, 2011
Imprint: INTERNATIONAL MONETARY FUND
Language: English

This proposed SDN—a sequel to “Global Imbalances in Midstream?” (Blanchard and Milesi-Ferretti, 2010)—would complement work being done by the IMF in response to the request of the G-20 to develop “indicative guidelines” for the reduction of global current account imbalances. Its purpose is to start a discussion and hopefully find answers to two questions. First, why might a country want to reduce its current account deficit or surplus? And second, why might the international community ask for more reduction than suggested by domestic considerations? Answers to these questions should inform the design of “rules of the game” that countries should abide by, help identify policy initiatives designed to reduce imbalances, and contribute to the development of “indicative guidelines” to monitor progress on that front.

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This proposed SDN—a sequel to “Global Imbalances in Midstream?” (Blanchard and Milesi-Ferretti, 2010)—would complement work being done by the IMF in response to the request of the G-20 to develop “indicative guidelines” for the reduction of global current account imbalances. Its purpose is to start a discussion and hopefully find answers to two questions. First, why might a country want to reduce its current account deficit or surplus? And second, why might the international community ask for more reduction than suggested by domestic considerations? Answers to these questions should inform the design of “rules of the game” that countries should abide by, help identify policy initiatives designed to reduce imbalances, and contribute to the development of “indicative guidelines” to monitor progress on that front.

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