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Global Imbalances: The Role of Emerging Asia

Author/Editor: Cova, Pietro | Pisani, Massimiliano | Rebucci, Alessandro
Authorized for Distribution: March 1, 2009
Electronic Access: Free Full Text (PDF file size is 664KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper investigates the role played by emerging Asia in the emergence and evolution of the global trade imbalances. Based on simulations in a general equilibrium model of the world economy, we find that a productivity slowdown in the non-tradable sector of these economies in the second half of the 1990s fits regional macroeconomic developments relatively well, but has limited spillover effect to the United States trade balance. In contrast, an increase in the desired level of emerging Asia net foreign assets starting in 2001 not only fits regional developments relatively well, but also has a significant spillover effect to the United States.
 
Series: Working Paper No. 09/64
Subject(s): Payments imbalances | Asia | Emerging markets | International trade | Productivity | Demand | Balance of payments deficits | Foreign exchange reserves | Economic models | Cross country analysis
Author's keyword(s): emerging Asia | global imbalances | productivity | official reserves | trade deficit | non-tradable sector non-tradable sector
 
English  
    Published:   March 1, 2009        
            Format:   Paper
    Stock No:   WPIEA2009064   Pages:   40
    Price:   US$18.00
       
     
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