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dc.contributor.authorSchnabl, Guntheren_US
dc.contributor.authorFreitag, Stephanen_US
dc.description.abstractThe paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and euro area (Germany) as center countries with rising current account deficits (US) and surpluses (Germany) which are matched by respective current account surpluses of coun-tries stabilizing their exchange rates against the dollar (dollar periphery) and rising current account deficits of the countries stabilizing their exchange rate against the euro (euro periphery). The paper finds that the changes of the world current account positions are driven by the macroeconomic pol-icy decisions in the centers. In particular, expansionary monetary and fiscal policies in the US are argued to have triggered rising current account surpluses of the dollar periphery countries, as mone-tary and fiscal sterilization policies in the periphery contribute to rising saving surpluses.en_US
dc.publisher|aUniv., Wirtschaftswissenschaftliche Fakultät |cLeipzigen_US
dc.relation.ispartofseries|aWorking Paper // Universität Leipzig |x76en_US
dc.subject.keywordGlobal Imbalancesen_US
dc.subject.keywordAsymmetric World Monetary Systemen_US
dc.subject.keywordTwin Deficiten_US
dc.subject.keywordTwin Surplusen_US
dc.subject.keywordInternational Currencyen_US
dc.titleAn asymmetry matrix in global current accountsen_US
dc.typeWorking Paperen_US

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