International Payments Imbalances
Felipe, Jesus; Harrigan, Frank; Mehta, Aashish | April 2006
Abstract
The recent “global payments imbalances” have raised questions about
their sustainability and how they can be resolved. Views on these issues
are diverse. For developing Asia, the current account surpluses, positive
savings-investment gaps, and reserve accumulation pose significant
structural challenges: (i) investment rates in several countries are low by
historical averages as well as when compared to assessments of needs; (ii)
in the PRC, the current account surplus appears to reflect a glut of savings
rather than a drought of investment; (iii) reserve accumulation points to the
need for deeper and more efficient domestic and regional capital markets;
and (iv) governments across Asia need to buttress social protection and
insurance mechanisms to cope with possible future economic shocks
Citation
Felipe, Jesus; Harrigan, Frank; Mehta, Aashish. 2006. International Payments Imbalances. © Asian Development Bank. http://hdl.handle.net/11540/1457. License: CC BY 3.0 IGO.ISSN
1655-5260
Keywords
Asian Development Bank
Development
Regional Economic Integration
Financial Sector Policies
Financial Risk Management
Bond Financing
Economic integration
Development Bank
Capital Market
Regional Plans
Regional Development Bank
Development finance
Development Banks
Local government bonds
Bonds
Catastrophe bonds
Bond funds
Bond market
Multilateral development banks
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