Global Imbalances and the Evolving World Economy Global Imbalances and the Evolving World Economy

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June 2006

This conference entitled "Global Imbalances - As Giants Evolve" gathered economists, business leaders and policy makers from around the world to explore the fundamental structural changes underlying today's large global imbalances. Participants considered the pressures and opportunities presented by China and India's recent emergence as important actors in the global economy, and examined how demographic change and the ongoing evolution of the most advanced economies affect international resource flows.


Entire book (383 pp., 880K)

1. Introduction

Rebalancing Act: Global Imbalances in a Changing World Jane Sneddon Little Box: The Economic Importance of the Emerging Giants Selva Bahar Baziki

2. Dancing with Giants: The Geopolitics of East Asia in the Twenty-First Century

Dancing with Giants: The Geopolitics of East Asia in the Twenty-First Century Stephen W. Bosworth

3. Lessons from History

Losing Our Marbles in the New Century? The Great Rebalancing in Historical Perspective Christopher M. Meissner and Alan M. Taylor, with discussion by Suzanne Berger and John F. Helliwell

4. Labor Market Imbalances

Labor Market Imbalances: Shortages, Surpluses, or What? Richard B. Freeman, with discussion by Surjit S. Bhalla and Alan V. Deardorff

5. The Essential Complements to Capital

Capital and Its Complements in Economic Growth J. Bradford DeLong, with discussion by Abhijit V. Banerjee and Lixin Colin Xu

6. Imbalances between Savings and Investment

Understanding Global Imbalances Richard N. Cooper, with discussion by Guy Debelle and Laurence J. Kotlikoff

7. Adjustment Mechanisms

Interest Rates, Exchange Rates, and International Adjustment Michael P. Dooley, David Folkerts-Landau, and Peter M. Garber, with discussion by Catherine L. Mann, with discussion by Eswar S. Prasad

8. Appropriate Adjustment Considerations and Policies

An Indian Perspective on Global Imbalances and Potential Policy Responses Shankar Acharya

The Effects of Globalization on Inflation and the Implications for Monetary Policy Donald L. Kohn

Five Policy-Relevant Observations and an Epilogue for 2008 Lawrence H. Summers