External Adjustment, Global Imbalances, Valuation Effects*
Pierre-Olivier Gourinchasa, b, c and Hélène Reyb, c, d, aUniversity of California, Berkeley, CA, USA, bNational Bureau of Economic Research, Cambridge, MA, USA, cCentre for Economic Policy Research, London, UK, dLondon Business School, London, UK
Abstract
We provide an overview of the recent developments of the literature on the determinants of long-term capital flows, global imbalances, and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in size and discuss implications for the international monetary and financial system.
Keywords
Exchange rates
Current account ...
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