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Understanding global imbalances

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  • Richard N. Cooper

Abstract

Two contemporary issues provide reason to focus on national saving and investment: the debate over public pensions, and pensions more generally, in all rich countries; and the large global current account imbalances, conceptually the difference between national savings and domestic investment. Are we all saving enough to provide adequate retirement income for rapidly ageing populations ? especially Americans, whose household savings seems to have disappeared altogether in 2005? And are the countries with large external deficits ? notably the United States ? mortgaging the income of future generations inappropriately, not to mention courting financial calamity in the meantime?

Suggested Citation

  • Richard N. Cooper, 2006. "Understanding global imbalances," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 51.
    • Handle: RePEc:fip:fedbcp:y:2006:n:51:x:2
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    File URL: https://www.bostonfed.org/-/media/Documents/conference/51/conf51f.pdf
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    Citations

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    Cited by:

    1. Russell Jesse R., 2012. "Disequilibrium in the International Balance of Payments," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 18(1), pages 1-17, May.
    2. W. Max Corden, 2007. "Those Current Account Imbalances: A Sceptical View1," The World Economy, Wiley Blackwell, vol. 30(3), pages 363-382, March.
    3. Barry Eichengreen, 2008. "Should there be a coordinated response to the problem of global imbalances? Can there be one?," Working Papers 69, United Nations, Department of Economics and Social Affairs.
    4. Haldane, Andrew & Hall, Simon & Pezzini, Silvia, 2007. "Financial Stability Paper No 2: A New Approach to Assessing Risks to Financial Stability," Bank of England Financial Stability Papers 2, Bank of England.
    5. Mr. Guy M Meredith, 2007. "Debt Dynamics and Global Imbalances: Some Conventional Views Reconsidered," IMF Working Papers 2007/004, International Monetary Fund.
    6. Hickey, Ronan, 2007. "How Sustainable are Global Imbalances?," Quarterly Bulletin Articles, Central Bank of Ireland, pages 85-119, October.

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