Global Imbalances : The Role of Emerging Asia.
Title:
Global Imbalances : The Role of Emerging Asia.
Author:
Pisani, Massimiliano.
ISBN:
9781451997361
Personal Author:
Physical Description:
1 online resource (42 pages)
Series:
IMF Working Papers
Contents:
Contents -- I. Introduction -- II. Methodology -- A. Model -- B. The Scenarios -- III. Results -- A. Productivity Slowdown -- B. Desired NFA Increase -- IV. Conclusions -- References -- Tables -- 1. Annual Average Productivity Growth -- Figures -- 1. Global Merchandise Trade Balances -- 2. Scenarios -- 3. Asia Non-Tradable Technology Shocks: Domestic Effects -- 3b. Asia Non-Tradable Technology Shocks: Spillovers to the United States. -- 4a. Asia Desired NFA Shock: Domestic Effects -- 4b. Asia Desired NFA Shock: Spillovers to the United States -- Appendix -- I. The Model -- A. Firms -- B. Households -- C. Government -- D. Market Clearing and the Current Account -- E. Measuring Output and Current Account -- F. The Equilibrium -- G. The Calibration -- H. Solution -- Appendix Tables -- A1. Steady-state National Accounts -- A2. Households and Firms Behavio -- A3. Real Rigidities -- A4. Price and Wage Markups -- A5. International Linkages.
Abstract:
This paper investigates the role played by emerging Asia in the emergence and evolution of the global trade imbalances. Based on simulations in a general equilibrium model of the world economy, we find that a productivity slowdown in the non-tradable sector of these economies in the second half of the 1990s fits regional macroeconomic developments relatively well, but has limited spillover effect to the United States trade balance. In contrast, an increase in the desired level of emerging Asia net foreign assets starting in 2001 not only fits regional developments relatively well, but also has a significant spillover effect to the United States.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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Electronic Access:
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