Global imbalances from the flow and stock perspective
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Opublikowane:
sty 19, 2020
Słowa kluczowe:
global imbalances, flow imbalances, stock imbalances, current account, international investment position
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Abstrakt
The objective of the paper is to identify global payment imbalances from the flow and stock perspective in the years of 2000-2017 as well as to define the causes of differences in the development of global imbalances in both of the analysed aspects. In order to achieve the objective, current account balances and international investment positions that are systemically significant to economies were analysed with the use of descriptive statistics techniques and specific analytical indicators. From the conducted studies it arises that after the outbreak of the global financial crisis, the global flow imbalance declined, whereas the global stock imbalance rose significantly. The demonstrated divergence was caused by insufficient changes in current account balances (flow imbalances) in order to cause a decrease in net international investment positions (stock imbalances) systematically significant to economies and by a weakened impact of the transactions registered in the balance of payment (flows) on the change of an international investment position (stock).
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Knap, R. . (2020). Global imbalances from the flow and stock perspective. Journal of Management and Financial Sciences, (38), 19–31. https://doi.org/10.33119/JMFS.2019.38.2
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Bibliografia
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3. Bilewicz, E. (2010). Globalny kryzys finansowy i globalna nierównowaga płatnicza. Studia i Prace WNEiZ, No. 18, pp. 5-16.
4. Bogołębska, J. (2013). Nierównowagi globalne a stabilność międzynarodowego systemu walu¬towego. Analiza na przykładzie akumulacji rezerw walutowych. Łódź: Wydawnictwo Uniwer¬sytetu Łódzkiego.
5. Bracke, T. et al. (2008). A Framework for Assessing Global Imbalances. ECB Occasional Paper Series, No. 78.
6. Butzen, P., Deroose, M., Ide, S. (2014). Global Imbalances and Gross Capital Flows. NBB Economic Review, National Bank of Belgium, Iss. ii, pp. 39-60.
7. Canals, C. 2018. The role of global imbalances 10 years on, CaixaBank Monthly Report, No. 10. Retrieved from: http://www.caixabankresearch.com/en/role-global-imbalances-10-years, [accessed: 05.03.2019], pp. 32-33.
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9. Faruqee, H., Lee, J. (2009). Global Dispersion of Current Accounts: Is the Universe Expanding? IMF Staff Papers, Vol 56, No. 3, pp. 574-595.
10. Fidora, M., Schmitz, M., Tcheng, C. (2017). Reducing Large Net Foreign Liabilities. ECB Working Paper Series, No. 2074.
11. IMF (2009). Balance of Payments and International Investment Position Manual. Sixth Edition (BPM6). Washington: IMF.
12. IMF (2014). Are Global Imbalances at a Turning Point? [In:] World Economic Outlook: Legacies, Clouds, Uncertainties. Washington: IMF, pp. 115-154.
13. IMF (2018a). External Sector Report: Tackling Global Imbalances amid Rising Trade Tensions. Washington: IMF.
14. Knap, R. (2016). Struktura rodzajowa zagranicznych aktywów i pasywów a zmiany między-narodowej pozycji inwestycyjnej Polski. Finanse, Rynki Finansowe, Ubezpieczenia, No. 3 (81), pp. 117-130.
15. Lutkowski, K. (2011). Globalna nierównowaga płatnicza i obecny kryzys finansowy. Interna- tional Journal of Management and Economics, No. 29, pp. 7-22.
16. Misztal, P. (2018). Globalna nierównowaga finansowa we współczesnej gospodarce światowej. Problemy Rolnictwa Światowego, Vol. 18 (XXXIII), Part 1, pp. 149-158.
17. Obstfeld, M. (2012). Does the Current Account Still Matter? NBER Working Paper, No. 17877.
18. Sawicki, J. (2014). Zmiany równowagi zewnętrznej a ograniczenia wzrostu polskiej gospodarki. Unia Europejska.pl, No. 4(227), pp. 18-33.
19. Serven, L., Nguyen, H. (2010). Global imbalances before and after the global crisis. Policy Research Working Paper Series, No. 5354, The World Bank.
20. Internet-based sources
21. IMF (2017). External Wealth of Nation 1970-2015. Data for the text: P.R. Lane, G.M. Milesi-Ferretti, International Financial Integration in the Aftermath of the Global Financial Crisis, IMF Working Paper 17/115. Retrieved from: https://www.imf.org/en/Publications/WP/ Issues/2017/05/10/International-Financial-Integration-in-the-Aftermath-of-the-Global-Financial-Crisis-44906 [accessed: 24.03.2019].
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