FONDAD is an independent policy research centre and forum for international
discussion established in the Netherlands. Supported by a
worldwide network of experts, it provides policy-oriented research on a
range of North-South problems, with particular emphasis on international
financial issues. Through research, seminars and publications,
FONDAD aims to provide factual background information and practical
strategies for policymakers and other interested groups in industrial,
developing and transition countries.
Director: Jan Joost Teunissen
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Global Imbalances and Developing Countries Remedies for a Failing International Financial System
Edited by
Jan Joost Teunissen and
Age Akkerman
Acknowledgements ix
Notes on the Contributors x
Abbreviations xv
I/ Introduction 1
Jan Joost Teunissen
II/ Global Imbalances and the Implications for Africa 8
Louis Kasekende
1 Why Worry About the Global Imbalances? 9
2 Global Adjustment Scenarios 11
3 Where is Africa in All These? 12
4 Conclusion 17
III/ East Asia’s Role in Resolving the New Global Imbalances 19
Masaru Yoshitomi, Li-Gang Liu and Willem Thorbecke
1 The Nature of the New Global Imbalances 20
2 The Sustainability of the New Global Imbalances 23
3 Necessary Adjustment Policies in the US 25
4 East Asia’s Role in Resolving the Current Global Imbalances 27
5 Conclusion 32
IV/ An African Perspective: Comments on Yoshitomi, Liu and
Thorbecke 37
Brian Kahn
1 The Investment-Savings Balance and Exchange Rate Policies 37
2 Systemic Crises and Concerted Action 39
3 Accumulation of Foreign Reserves 40
4 Concluding Remarks 41
V/ Rebalancing Savings-Investment Gaps in East Asia 42
Yonghyup Oh and Seeun Jeong
1 Should East Asian Capital Be Relocated Within the Region? 44
2 Barriers to Capital Market Integration in East Asia 49
3 Concluding Remarks 52
VI/ The Need for a Longer Policy Horizon: A Less Orthodox Approach 57
William R. White
1 Secular Trends 59
2 Current Exposures: Do They Warrant a Policy Response? 71
3 Towards a Domestic Macrofinancial Stabilisation Framework? 77
4 Towards an International Macrofinancial Stabilisation Framework 86
5 Conclusion 88
VII/ Global Imbalances and the Role of the IMF 93
Ariel Buira and Martín Abeles
1 The Risk Posed by Global Macroeconomic Imbalances 95
2 The Fund’s Potential Role in Dealing With Global Imbalances 109
3 A G-20 Accord and the Need for a Counter-Cyclical Facility 114
4 Conclusion 119
VIII/ Global Imbalances and the Role of the IMF: A Comment on
Ariel Buira and Martín Abeles 124
Mark Allen
IX/ The Future of the International Monetary System 128
John Williamson
X/ A More Balanced International Monetary System 133
Jane D’Arista
1 Creating a Public International Investment Fund for Emerging Economies 135
2 Reforming the International Payments System 137
XI/ Reforming the International Monetary System: Comments on
Jane D’Arista and John Williamson 141
Henk Brouwer
XII/ A Response to the Comments of Henk Brouwer 145
Jane D’Arista
Contents of the Previous Volume
Global Imbalances and the US Debt Problem: Should Developing
Countries Support the US Dollar?
I/ Should Developing Countries Support the US Dollar?
By Way of Introduction
Jan Joost Teunissen
II/ Global Imbalances and Emerging Markets
Barry Eichengreen and Yung Chul Park
III/ Global Imbalances and Latin America: A Comment on
Eichengreen and Park
Barbara Stallings
IV/ The Dilemmas and Dangers of the Build-Up of US Debt:
Proposals for Policy Responses
Jane D’Arista and Stephany Griffith-Jones
V/ Currency Asymmetry, Global Imbalances, and Rethinking of the
International Currency System
FAN Gang
VI/ China’s Macroeconomic Imbalances: The Liquidity Tango Mechanism
Wing Thye Woo
VII/ How Effective Is Monetary Policy in China? A Comment on
Woo’s “Inflationary Tango”
Zdenĕk Drábek
VIII/ Asian Monetary Coordination and Global Imbalances
Yonghyup Oh
IX/ Understanding Imbalances in a Globalised International
Economic System
Jan A. Kregel
X/ Policy Recommendations for the US, Europe and Asia:
By Way of Epilogue
Jan Joost Teunissen
Source: http://www.fondad.org/publications/global-imbalances-remedies
