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Global Imbalances and the International Financial Architecture

In: Ecological Money and Finance

Author

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  • Raphaël Didier

    (Université de Lorraine)

  • Thomas Lagoarde-Segot

    (KEDGE Business School and SDSN France)

Abstract

The balance of payments is an essential tool to understand international trade and global capital flows. When the financial account of the balance of payment posts a deficit, the domestic economy records net capital outflows and acquires foreign liabilities issued by the rest of the world. Conversely, when the financial account of the balance of payments posts a surplus, the domestic economy records net capital inflows and issues a foreign liability, accumulated as a claim by the rest of the world. The purpose of this chapter is to study in detail these fundamental mechanisms, as well as their implications for international macroeconomic analysis. It also provides an in-depth analysis and discussion of the various phases in the international financial architecture since the 19th century, as seen from a sustainability perspective.

Suggested Citation

  • Raphaël Didier & Thomas Lagoarde-Segot, 2023. "Global Imbalances and the International Financial Architecture," Springer Books, in: Thomas Lagoarde-Segot (ed.), Ecological Money and Finance, chapter 0, pages 261-292, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-14232-1_9
    DOI: 10.1007/978-3-031-14232-1_9
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