Cover -- Contents -- Foreword -- Acknowledgments -- PART I: A FRAMEWORK FOR REBALANCING AND RECOVERY -- 1 The Global Crisis and Imbalances -- 2 (Why) Should Current Account Balances Be Reduced? -- PART II: IMBALANCES IN MAJOR DEFICIT ECONOMIES -- 3 The United States: Resolving "Twin" Deficits -- 4 The United Kingdom: Imbalances and the Financial Sector -- 5 France: Imbalances and Declining Competitiveness -- 6 India: Dealing with Perennial Fiscal Deficits -- PART III: IMBALANCES IN MAJOR SURPLUS ECONOMIES -- 7 China: Imbalances and High Saving -- 8 Germany: Niche Exports and Improved Competitiveness -- 9 Japan: Low Growth and an Aging Population -- Part IV: REBALANCING AND GROWTH -- 10 A Roadmap for Collective Action -- Index -- A -- B -- C -- D -- E -- F -- G -- H -- I -- J -- L -- M -- O -- P -- R -- S -- T -- U -- Figures -- Figure 1.1 Current Account Balances, 2000-09 and 2010-15 -- Figure 1.1.1 G20 Indicative Guidelines: Comparison of Approaches (Systemic rule -- at market exchange rates) -- Figure A2.1 Equilibrium Exchange Rate and Interest Rate -- Figure A2.2 Impact of an Increase in Desired Foreign Saving -- Figure A2.3 Increase in Foreign Saving, Zero Bound on Interest Rates -- Figure 3.1 U.S. Current Account and Fiscal Balance -- Figure 3.1.1 Congressional Budget Office Baseline Projections by Vintage -- Figure 3.2 U.S. Saving-Investment Balances -- Figure 3.3 United States: Home Equity Extraction and Federal Reserve Bank Senior Loan Officer Survey -- Figure 3.4 International Reserves -- Figure 3.5 Foreign Exchange Reserves by Currency -- Figure 3.6 Health Care Expenditures versus Life Expectancy, 2007 -- Figure 3.7 Net Purchases of U.S. Long-Term Securities by Foreigners -- Figure 3.8 United States: Path of Public Indebtedness, 2001-16 -- Figure 4.1 United Kingdom: Contributions to Real GDP -- Figure 4.2 U.K. Saving and Investment.

Figure 4.3 U.K. Gross Saving by Sector -- Figure 4.4 G20 Saving and Investment -- Figure 4.5 U.K. Household Consumption and Debt -- Figure 4.6 U.K. Household Income Share -- Figure 4.7 U.K. Household Net Wealth and Debt -- Figure 4.8 U.K. House Price-to-Income Ratio -- Figure 4.9 U.K. Public Sector Balance and Debt -- Figure 4.10 U.K. Stamp Duty Receipts -- Figure 5.1 France: Current Account Balance Components -- Figure 5.2 France: Private Saving and Investment -- Figure 5.3 France: Private and Public Saving-Investment Balances -- Figure 5.4 France: General Government Accounts -- Figure 5.5 France: Fiscal Indicators -- Figure 5.6 France: Overruns in Real Spending Growth -- Figure 5.7 Domestic Demand Growth -- Figure 5.8 Real Export Growth, 2001-05 to 2006-10 -- Figure 5.9 Wage Growth Minus Total Factor Productivity Growth -- Figure 5.10 Real Effective Exchange Rate (Index based on the consumer price index -- 1999 = 100) -- Figure 5.11 Unit Labor Costs, Manufacturing Sector (Index -- 1999 = 100) -- Figure 5.12 Employment Protection, 2008 (Index) -- Figure 5.13 Product Market Regulation, 2008 (Index) -- Figure 6.1 India: Real GDP Growth -- Figure 6.2 India: Debt Dynamics -- Figure 6.3 India: General Government Finances -- Figure 6.4 India: Investment -- Figure 6.5 India: Saving -- Figure 6.6 India: Financial Surplus by Sector -- Figure 6.7 India: Central Government and State Shares in Government Gross Deficits -- Figure 6.8 General Government Revenues among G20 Emerging Market Economies, 2010 -- Figure 6.9 India: Use of Household Financial Saving -- Figure 6.10 India: Financing of Government Debt -- Figure 6.11 India: Lending and Deposit Rates in Commercial Banks and Small Saving Schemes -- Figure 6.12 India: Private Disposable Income and Consumption -- Figure 7.1 China: Current Account Balance -- Figure 7.2 China: Saving by Sector.

Figure 7.3 China: Household Saving Rate -- Figure 7.4 China: Saving and Investment -- Figure 7.5 China: Contributions to Growth -- Figure 7.6 China: Corporate Saving and Investment -- Figure 7.7 G20: Saving and Current Accounts -- Figure 7.8 China: Reserves and the Exchange Rate -- Figure 7.9 China: Relative Productivity and the Real Exchange Rate (Log change multiplied by 100 from 1990) -- Figure 7.10 China: Change in Cumulative Reserves (January-June cumulative -- in billions of U.S. dollars) -- Figure 7.11 China: Real Interest Rates (Percent) -- Figure 7.12 China: Personal Saving One-Year Deposit Interest Rates (Nominal percent per annum) -- Figure 8.1 Germany: Current Account Balance and Trade Balance -- Figure 8.2 Germany: General Government Balance -- Figure 8.3 Germany: Investment Components -- Figure 8.4 Germany: Manufacturing Exports, 1995-2005 -- Figure 8.5 Average Salary per Worker -- Figure 8.6 Relative Unit Labor Costs (Index -- 1999 = 100) -- Figure 8.7 Availability of Venture Capital (Survey index 1-7) -- Figure 8.8 Regulation in Professional Services -- Figure 8.9 Germany: Private-Fixed-Investment-to-GDP Ratio and Potential Growth -- Figure 8.10 Labor Tax Wedge, 2010 -- Figure 8.11 Corporate Income Tax Rate, 2011 -- Figure 9.1 Gross Debt for G20 Advanced Countries, 2010 -- Figure 9.2 Japan: Structural Balance of the General Government -- Figure 9.3 Japan: Sectoral Financial Surplus -- Figure 9.4 Japan: Gross Domestic Product -- Figure 9.5 Japan: Growth Accounting -- Figure 9.6 Japan: Labor Force Size and Participation -- Figure 9.7 Japan: Cumulative Contribution to Net Debt -- Figure 9.8 Japan: Distribution of General Government Expenditures (Trillions of yen) -- Figure 9.9 Japan: Private Sector Saving Rates -- Figure 9.10 Japan: Nonfinancial Gross Saving and Payments.

Figure 9.11 Holdings of Japanese Government Bonds, as of end-2009 -- Figure 9.12 Japan: Public Debt and Interest Payments -- Figure 10.1 Elements of Imbalances -- Figure 10.2 G20 Upside Scenario (Percent deviation from baseline) -- Figure 10.3 Additional Fiscal Consolidation under the G20 Mutual Assessment Process Upside Scenario (World real GDP -- percent deviation from baseline) -- Figure 10.4 Additional Fiscal Consolidation, Structural Reforms, and Rebalancing Policies under the G20 Mutual Assessment Process Upside Scenario (World real GDP -- percent deviation -- Figure 10.5 Current Account Balances -- BOXES -- BOX 1.1 G20 Indicative Guidelines for Identifying Large Imbalances -- BOX 3.1 U.S. Fiscal Turnaround -- BOX 7.1 How China's Twelfth Five-Year Plan Targets a Rebalanced Economy -- BOX 9.1 Have Japanese Households "Pierced the Corporate Veil"? -- BOX 10.1 Policy Assumptions for the G20 Upside Scenario -- TABLES -- TABLE 5.1 Employment Ratios -- TABLE 6.1 India's Social Indicators Compared with Other G20 Emerging Market Economies -- TABLE 6.2 India: Commercial Banks' Holdings of Securities -- TABLE 9.1 Japan: Trends in Tax Elasticity.