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Causes And Consequences Of Global Imbalances: Perspective From Developing Asia

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Executive Summary

Global current account imbalances are one of the key macroeconomic imbalances that underline the global financial crisis. The central objective of this paper is to analyze the causes and consequences of global imbalances from the perspective of developing Asia. More specifically, the authors examine the root causes of the large and persistent current account surpluses that have emerged in the region since the Asian crisis. They also explore the consequences of global imbalances for the region, in terms of welfare and economic growth. Based on the analysis, they recommend a number of concrete policy directions to help Asia rebalance its demand and growth toward domestic sources.

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