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dc.contributor.authorSchnabl, Guntheren
dc.contributor.authorFreitag, Stephanen
dc.date.accessioned2011-05-26T09:59:52Z-
dc.date.available2011-05-26T09:59:52Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/45654-
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
dc.language.isoengen
dc.publisher|aUniversität Leipzig, Wirtschaftswissenschaftliche Fakultät |cLeipzigen
dc.relation.ispartofseries|aWorking Paper |x76en
dc.subject.jelF31en
dc.subject.jelF32en
dc.subject.ddc330en
dc.subject.keywordGlobal Imbalancesen
dc.subject.keywordAsymmetric World Monetary Systemen
dc.subject.keywordTwin Deficiten
dc.subject.keywordTwin Surplusen
dc.subject.keywordInternational Currencyen
dc.titleAn asymmetry matrix in global current accounts-
dc.typeWorking Paperen
dc.identifier.ppn595231683en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:leiwps:76en

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