Global imbalances still on the rise, IMF paper shows
Efforts have been made to cut current account imbalances
Countries with large deficits have taken steps to reduce them since the global financial crisis – largely through expenditure reduction rather than expenditure switching – but although current account imbalances have shrunk, stock imbalances continue to increase, according to a new IMF working paper.
In Global imbalances and external adjustment after the crisis, IMF economist Gian-Maria Milesi-Ferretti and Philip Lane of Trinity College in Dublin, Ireland, find that pre-crisis external
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