External imbalances and macroeconomic policy

Philip R. Lane

21 citations0/0 files storedNew Zealand Economic Papers

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Global Financial Crisis and Policies Economic Theory and Policy Fiscal Policies and Political Economy

Abstract

This paper argues that large external imbalances pose significant macroeconomic risks. While New Zealand has coped well in recent years, the global financial crisis has underlined the vulnerability of large-deficit countries to financial shocks. We analyse how the macroeconomic policy framework can be adapted to modify the risks embedded in the international balance sheet.

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References

2009This Time Is Different 1997Foundations of International Macroeconomics 2007The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970–2004 2009This Time Is Different 2010Fault lines: how hidden fractures still threaten the world economy 2009Financial Institutions And Markets Across Countries And Over Time - Data And Analysis 2005Tax base variability and procyclical fiscal policy in developing countries 2001Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?

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