Sustainability of External Imbalances A Critical Appraisal
Since the mid-1990s, sustainability of large and persistent current account positions have been attracting much attention from policy makers and economists alike. Alongside global imbalances, sustainability of imbalances within the euro area, which starte
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Angélique Herzberg
Sustainability of External Imbalances A Critical Appraisal With a Preface by Prof. Dr. Heinz-Dieter Smeets
Angélique Herzberg Düsseldorf, Germany
Dissertation Heinrich-Heine-Universität Düsseldorf, 2013
ISBN 978-3-658-07090-8 DOI 10.1007/978-3-658-07091-5
ISBN 978-3-658-07091-5 (eBook)
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Preface
The term “global imbalances” denotes large and persisting current account surpluses and deficits between countries and country groups. The question of whether economies may have—or even should have—large surpluses and deficits in the current account ranks among the most controversial issues in international economics. Imbalances between the United States (as the largest deficit country) on the one hand and China, Germany, Japan, and the OPEC countries (as the largest surplus countries) on the other hand came to a head since the late 1990s. Many observers hold those imbalances to be on
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