External Imbalances And Financial Crises
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Consider two views of the global financial crisis. One view looks across the border: it blames external imbalances, the unprecedented current account deficits a
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In broad perspective, there have been essentially two competing views of the global financial crisis, albeit there are some complementarities among them. One vi
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This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on
