Global Imbalances and the Financial Crisis (Council on Foreign Relations (Council on Foreign Relations Press)) - Softcover

Dunaway, Steven

Softcover

ISBN 10: 0876094280 ISBN 13: 9780876094280

Publisher: Council on Foreign Relations Press, 2009

Synopsis

As the economic crisis spreads from financial markets to real economies in countries around the world, governments have understandably focused on short-term measures to contain the collapse. Constructing stimulus packages and financial bailouts to address the immediate problems has been the policymakers' priority for foundational recovery. Detailing another proximate cause of the crash —the problem of global imbalances between savings and investment in major countries —former IMF official Steven Dunaway drafts a proposal to rebuild international finance's structural foundations.

Fiscal diplomacy, through the Group of Twenty (G20) process, represents an important opportunity to make the world economy sounder and to prevent future problems for the financial system. But if nothing is done to correct global current account deficits, Dunaway warns in this important book, the imbalances will simply build up again as the world economy seemingly recovers. In time, the enlarging deficits will become a major contributing factor to the next global crisis.

About this title

About the Author:

Steven Dunaway is an adjunct senior fellow for international economics at the Council on Foreign Relations. Previously, he was a deputy director of the Asia and Pacific department at the International Monetary Fund.

About this edition

• Publisher: Council on Foreign Relations Press
• Publication date: 2009
• ISBN 10: 0876094280
• ISBN 13: 9780876094280
• Binding: Paperback
• Number of pages: 44