Comment: Who's to blame for global imbalances?

The issue of the global economic imbalances has become a very political one. Does the current system of largely floating exchange rates allow for a resolution based on careful economic analysis or are we destined for a prolonged series of political stalemates in the absence of clear rules for international adjustment?


Until Ben Bernanke in March this year coined the phrase "global savings glut", with its implication that excess savings in Asia are at least partly

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