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No money left for climate protection?

Author

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  • Khadjavi, Menusch
  • Peterson, Sonja
  • Petrick, Sebastian
  • Rickels, Wilfried

Abstract

The ongoing global financial crisis has been preceded by a steady rise in global current account imbalances. Recently, in the course of the global recession, global imbalances have declined, albeit without having disappeared completely. As the outlook for global growth gets brighter, it is important to be aware of the possibility of again arising global imbalances in the future, since many of the structural reasons for the foregoing build up of imbalances remain largely in place. This is particularly important against the background of a close relationship between the global imbalances and the financial crisis. Important steps that would help to avoid the reoccurrence of unsustainable global imbalances and contribute to stabilize the global economy in the medium run are a tighter regulation of financial markets, the strengthening of the role of the IMF in monitoring global capital markets, and the development of social security systems and financial markets in emerging economies.

Suggested Citation

  • Khadjavi, Menusch & Peterson, Sonja & Petrick, Sebastian & Rickels, Wilfried, 2009. "No money left for climate protection?," Open Access Publications from Kiel Institute for the World Economy 32966, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkie:32966
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    File URL: https://www.econstor.eu/bitstream/10419/32966/1/621188751.pdf
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    References listed on IDEAS

    as
    1. Wilfried Rickels & Linda Kleemann & Gernot Klepper & Sonja Peterson & Sebastian Petrick, 2010. "Konjunktur für den Klimaschutz? Klima- und Wachstumswirkung weltweiter Konjunkturprogramme," Aussenwirtschaft, University of St. Gallen, School of Economics and Political Science, Swiss Institute for International Economics and Applied Economics Research, vol. 65(2), pages 129-166, June.
    2. Trevor Houser & Shashank Mohan & Robert Heilmayr, 2009. "A Green Recovery? Assessing US Economic Stimulus and the Prospects for International Coordination," Policy Briefs PB09-3, Peterson Institute for International Economics.
    3. Aldy,Joseph E. & Stavins,Robert N. (ed.), 2007. "Architectures for Agreement," Cambridge Books, Cambridge University Press, number 9780521871631, November.
    4. World Bank, 2008. "World Development Indicators 2008," World Bank Publications - Books, The World Bank Group, number 11855, December.
    5. Aldy,Joseph E. & Stavins,Robert N. (ed.), 2007. "Architectures for Agreement," Cambridge Books, Cambridge University Press, number 9780521692175, November.
    6. World Bank, 2008. "World Development Indicators 2008," World Bank Publications - Books, The World Bank Group, number 28241, December.
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