Merler, Silvia, (2017), “Global Imbalances”, Bruegel, 21 Σεπτεμβρίου
The IMF’s 2017 External Sector Report shows that global current account imbalances were broadly unchanged in 2016. Overall excess current account imbalances (i.e., deficits or surpluses that deviate from desirable levels) represented about one-third of total global imbalances in 2016, increasingly concentrated in advanced economies. Persistent global excess imbalances suggest that automatic adjustment mechanisms are weak. While the rotation of excess imbalances toward advanced economies likely entails lower deficit-financing risks in the near term, the increased concentration of deficits in a few economies carries greater risks of disruptive trade policy actions.
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