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Rebalancing a Lopsided Global Economy

dc.contributor.authorAdam Triggs
dc.date.accessioned2018-07-30T20:05:00Z
dc.date.available2018-07-30T20:05:00Z
dc.date.issued2018-05-30
dc.identifier.urihttp://hdl.handle.net/11540/8355
dc.description.abstractThe growth in global current account imbalances has produced a lopsided global economy, characterised by large lenders and large borrowers, large savers and large consumers, and large exporters and large importers. For many years, the G-20 has committed to reducing these imbalances. But has it been successful? Are the G-20’s policy prescriptions for reducing these imbalances the right ones? And have countries altered their policies because of the discussions and commitments in the G-20 or not? The paper assesses whether the G-20 has achieved its goal of reducing global current account imbalances. It then uses the G-Cubed (G-20) model—a multi-country, multi-sector, intertemporal general equilibrium model—to assess the impacts of the G-20’s proposed policy agenda. It shows that the G-20’s policy prescriptions—reducing the fiscal deficit in the United States, increasing public infrastructure investment in Germany and increasing domestic consumption in China—are not necessarily effective in reducing current account imbalances and, when imbalances are reduced, it often comes at the cost of the real economy. Finally, the paper uses the results from in-depth interviews with 61 policymakers from across all G-20 countries—including Janet Yellen, Kevin Rudd, Ben Bernanke, Haruhiko Kuroda, Jack Lew, Mark Carney, and 55 others—to explore whether the G-20’s focus on current account imbalances influences domestic policies. It finds that while the G-20’s influence has been marginal, there are ways in which it could be strengthened. The paper concludes with a discussion on how the G-20’s agenda could be reformed to help reduce current account imbalances in the future.
dc.languageEnglish
dc.publisherBrookings India
dc.titleRebalancing a Lopsided Global Economy
dc.typeWorking Papers
dc.subject.expertDevelopment Economics
dc.subject.expertRegional Economic Development
dc.subject.expertEconomic Impact
dc.subject.expertAsian Development Bank
dc.subject.expertDevelopment
dc.subject.expertEconomic Boom
dc.subject.expertRegional Economic Integration
dc.subject.expertGood Governance
dc.subject.expertGovernance Approach
dc.subject.expertMacroeconomic
dc.subject.expertMacroeconomic Analysis
dc.subject.expertMacroeconomic Framework
dc.subject.expertMacroeconomic Models
dc.subject.expertMacroeconomic Performance
dc.subject.expertMacroeconomic Planning
dc.subject.expertMacroeconomic Policies
dc.subject.expertMacroeconomic Reform
dc.subject.expertMacroeconomic Stabilization
dc.subject.adbEconomic planning
dc.subject.adbEconomic structure
dc.subject.adbGrowth policy
dc.subject.adbTrade relations
dc.subject.adbTrade policy
dc.subject.adbTrade policy
dc.subject.adbEconomic development
dc.subject.adbEconomies in transition
dc.subject.adbInternational economy
dc.subject.adbBorder integration
dc.subject.adbEconomic integration
dc.subject.adbGross domestic product
dc.subject.adbTrade policy
dc.subject.adbInstitutional Framework
dc.subject.adbPublic Administration
dc.subject.adbBusiness Ethics
dc.subject.naturalRegional economics
dc.subject.naturalEconomic forecasting
dc.subject.naturalEconomic development projects
dc.subject.naturalSuccess in business
dc.subject.naturalBusiness
dc.subject.naturalFree trade
dc.subject.naturalBusiness
dc.subject.naturalEconomics
dc.subject.naturalCommunication in economic development
dc.subject.naturalRestraint of trade
dc.subject.naturalInternational economic integration
dc.subject.naturalTrade blocs
dc.subject.naturalEast-West trade
dc.title.seriesGlobal Economy & Development Working Paper
dc.title.volumeNo. 119
dc.contributor.imprintBrookings India
oar.themeEconomics
oar.themeGovernance
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei, China
oar.identifierOAR-007938
oar.authorTriggs, Adam
oar.importTRUE
oar.googlescholar.linkpresenttrue


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