The current account deficit of the United States is more than six percent of its gross domestic product—an all-time high. And the rest of the world, including other G7 countries such as Japan and ...Germany, must collectively run current account surpluses to finance this deficit. How long can such unevenness between imports and exports be sustained, and what form might their eventual reconciliation take? Putting forth scenarios ranging from a gradual correction to a crash landing for the dollar, G7 Current Account Imbalances brings together economists from around the globe to consider the origins, status, and future of those disparities. An esteemed group of collaborators here examines the role of the bursting of the dot-com bubble, the history of previous episodes of current account adjustments, and the possibility of the Euro surpassing the dollar as the leading international reserve currency. Though there are areas of broad agreement—that the imbalances will ultimately decline and that currency revaluations will be part of the solution—many areas of contention remain regarding both the dangers of imbalances and the possible forms of adjustment. This volume will be of tremendous value to economists, politicians, and business leaders alike as they look to the future of the G7 economies.
The fifth edition of Balance of Payments Manual, issued in 1993, presents revised and updated standards for concepts, definitions, classifications, and conventions for compilation of balance of ...payments and international investment position statistics that reflect the widespread changes that have taken place in international transactions since the fouth edition was published in 1977. As the international standard, the Manual serves as a guide for IMF member countries that regularly report balance of payments data to the IMF. The Manual contains significantly expanded and restructured coverage of financial flows and stocks and international transactions in services. Harmonization with the System of National Accounts and other IMF statistical systems is also greatly increased. See also companion volumes, the Balance of Payments Compilation Guide and the Balance of Payments Textbook.
With high growth rates in Asia, most notably in China, India, and Southeast and Central Asia, Eurasia's economic center of gravity is rapidly shifting to the East. At the same time, most of Europe ...faces serious barriers to growth in the long term. The volume examines the causes and consequences of this major shift in economic power and considers the options available to policymakers in various parts of Europe and Asia. The ten chapters in this book focus on long-term challenges of globalization rather than short-term problems of individual countries and explore two themes: global macroeconomic imbalances and growth. This work is based on a CASE-Center for Social and Economic Research and CASE-Ukraine conference.
The IMF, in cooperation with other concerned organizations, set up a working party to investigate and improve the statistical procedures being used, and to recommend compilation procedures that would ...make nations' balance of payments statistics more consistent with one another. In addition to detailed explanations of its findings and recommendations, the Report contains extensive statistical appendices and 109 tables.
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