Demand adjustments in large current account imbalances?

This pact would monitor current account imbalances and penalize excessive deficits or surpluses in the external account.

On top of this is the almost certain unwinding of global current account imbalances.

The US current account deficit has been the most widely discussed indicator of global imbalances.

Global macroeconomic stability requires that we avoid such large current account imbalances in the future.

It then cites global current account imbalances, particularly the US external deficit, describing it as unprecedented for a reserve currency country to have a current account deficit of such magnitude.

It then cites global current account imbalances, particularly the US external deficit, describing it as unprecedented for a reserve currency country to have a current account deficit of such magnitude.

Likewise, addressing weak competitiveness and current account imbalances requires currency adjustments that may eventually lead some members to exit the eurozone.

Macroeconomic policymakers could have gotten their act together and acted in time to unwind those large and unsustainable current account imbalances.

The Kyeongju meeting decided that the G 20 countries would move toward market determined exchange rates and pursue politics conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels.

Deeper fiscal surveillance should be matched by broader economic surveillance, especially since current account imbalances have become more acute during the crisis.

Large current account imbalances continue to characterize the global economy, and a lower dollar would contribute to reducing the United States deficit.

Moreover, there is a direct relationship between the EMU countries private sector debt dynamics and their current account imbalances within the euro zone.

Second, to reduce the current account imbalances that have built up, demand has to shift from countries running deficits to countries running surpluses.

But, while it is true that China s current account surpluses and America s deficits have somewhat moderated since then, have the imbalances really been corrected?

Finally, the reduction of global imbalances implies that the current account deficits of profligate economies (the US and other Anglo Saxon countries) will narrow the current account surpluses of over saving countries (China and other emerging markets, Germany, and Japan).

There are also major disagreements about whether to reduce global current account imbalances and about the role that currency movements should play in this adjustment.

These five economies are relevant to global imbalances in different ways either on account of their current account deficits or surpluses, or because they represent a very large share of world output.

There was widespread concern about the increasing global current account imbalances and the consequences of their eventual correction for the global economy, particularly for the developing countries.

Clearly, America's current account deficit is unsustainable.

But one of the risks associated with the large current account imbalances we now face is that politicians may decide to blame one or another country and espouse protectionist policies.

At the same time, key current account imbalances between the US and China (and other emerging market economies), and within the eurozone between the core and the periphery remain large.

Monitoring external balances can be an effective tool to measure future default risks, since sustained current account deficits lead to a growth in net foreign debt. Moreover, there is a direct relationship between the EMU countries private sector debt dynamics and their current account imbalances within the euro zone.

A multipolar system may help better address global imbalances than the current dollar based system, which simply perpetuates large imbalances as countries pile up large dollar reserves.

Australia's current account is about 2.6 of GDP negative Australia has had persistently large current account deficits for more than 50 years.

Global imbalances

Even the current account showed a deficit in January.

(p) Geographical breakdown of the current account (Eurostat 9)

(h) To prepare a study that will take account of the existing differences within the Ibero American community with a view to applying the principle of solidarity in order to rectify current imbalances

If the world continues on its current course, labor market imbalances will worsen significantly in the coming years.

There have often been imbalances in current international arrangements with respect to consideration of the forest products trade.

China's current account surplus and export growth have, indeed, fallen.

At the same time, key current account imbalances between the US and China (and other emerging market economies), and within the eurozone between the core and the periphery remain large. Orderly adjustment requires lower domestic demand in over spending countries with large current account deficits and lower trade surpluses in over saving countries via nominal and real currency appreciation.

YOUR MONEY IS BEING MOVED TO A NEW SAFE ACCOUNT. THEN WE'RE GONNA UNFREEZE YOUR CURRENT ACCOUNT

But trade negotiations are not the right forum for discussing the causes and consequences of current account imbalances and reaching agreements on macroeconomic policy coordination that is what the IMF and the G 20 are for.

The US current account deficit and the Asian surplus will shrink.

But do current account constraints apply to major, financially stable countries?

Other macroeconomic policies of all kinds influence the current account balance.

b Current account items only, based on the official unadjusted claims.

Since the beginning of this decade, at least a few economists (including me) have warned that the global trade and current account imbalances needed to be reined in to reduce the chance of a severe financial crisis.

Balancing the World s Imbalances

Global Imbalances without Tears

Will Global Imbalances Return?

Macroeconomic policymakers could have gotten their act together and acted in time to unwind those large and unsustainable current account imbalances. Then there would not have been so much liquidity sloshing around waiting for an accident to happen.

The global imbalances continue to widen, with the current account deficit of the United States expected to expand from some 650 billion in 2004 to over 700 billion in 2005 and to remain in that range in 2006.