371
Views
13
CrossRef citations to date
0
Altmetric
Original Articles

External imbalances and macroeconomic policy

Pages 53-70 | Received 05 Sep 2011, Accepted 26 Jun 2012, Published online: 08 Oct 2012

References

  • Alesina , A. , Campante , F. and Tabellini , G. 2008 . Why is fiscal policy often procyclical? . Journal of the European Economic Association , 6 ( 5 ) : 1006 – 1036 . doi: 10.1162/JEEA.2008.6.5.1006
  • André , J. 2011 . “ Economic imbalances: New Zealand's structural challenge ” . In Working Paper 11/03 New Zealand Treasury
  • Assenmacher-Wesche , K. and Gerlach , S. 2010 . Monetary policy and financial imbalances: facts and fiction . Economic Policy , 25 ( 7 ) : 437 – 482 . doi: 10.1111/j.1468-0327.2010.00249.x
  • Barth , J. , Caprio , G. and Levine , R. 2012 . The guardians of finance: Making them work for us , Cambridge, MA : MIT Press .
  • Beck , A. , Demirgüç-Kunt , A. and Levine , R. Financial institutions and markets across countries and over time: Data and analysis, Policy Research Working Paper 4943, World Bank May, . http://siteresources.worldbank.org/INTRES/Resources/469232-1107449512766/FinStructure_2009.xls
  • Bedford , P. 2008 . The global financial crisis and its transmission to New Zealand – an external balance sheet analysis . Reserve Bank of New Zealand Bulletin , 71 ( 4 ) : 18 – 28 .
  • Benetrix , A. and Lane , P.R. 2011 . Financial cycles and fiscal cycles . Mimeo, Trinity College Dublin ,
  • Bertram , G. 2002 . Factor income shares, the banking sector, the exchange rate, and the New Zealand current account deficit . New Zealand Economic Papers , 36 ( 2 ) : 177 – 198 . doi: 10.1080/00779950209544369
  • Blanchard , O. 2007 . Current account deficits in rich countries . IMF Staff Papers , 54 ( 2 ) : 191 – 219 . doi: 10.1057/palgrave.imfsp.9450013
  • Blanchard , O. and Milesi-Ferretti , G.M. 2010 . “ Global imbalances: In midstream? ” . In Reconstructing the world economy , Edited by: SaKong , I. and Blanchard , O. 83 – 110 . Washington DC : International Monetary Fund .
  • Blanchard , O. and Milesi-Ferretti , G.M. 2012 . (Why) Should current account balances be reduced? . IMF Economic Review , 60 ( 1 ) : 139 – 150 . doi: 10.1057/imfer.2012.2
  • Brook , A. 2012 . Making fiscal policy more stabilizing: Challenges and policy options . New Zealand Economic Papers, forthcoming , doi:10.1080/00779954.2012.721691
  • Brown , M. and Lane , P.R. 2011 . Debt overhang in emerging Europe? Discussion Paper 5784 World Bank .
  • Calmfors , L. 2003 . Fiscal policy to stabilise the domestic economy in the EMU: What can we learn from monetary policy? . CESifo Economic Studies , 49 ( 3 ) : 3 – 19 . doi: 10.1093/cesifo/49.3.319
  • Calmfors , L. and Wren-Lewis , S. 2011 . What can fiscal policy councils do? . Economic Policy , 26 ( 68 ) : 649 – 695 . doi: 10.1111/j.1468-0327.2011.00273.x
  • Dedola , L. and Lombardo , G. 2012 . Financial frictions, financial integration and the international propagation of shocks . Economic Policy, forthcoming ,
  • Devereux , M.B. and Yetman , J. 2010 . Leverage constraints and the international transmission of shocks . Journal of Money, Credit and Banking , 42 ( S1 ) : 71 – 105 . doi: 10.1111/j.1538-4616.2010.00330.x
  • Edwards , S. 2006 . External imbalances in an advanced, commodity-exporting country: The case of New Zealand . NBER Working Paper 12620, NBER Massachusetts ,
  • Eschenbach , F. and Schuknecht , L. 2004 . Budgetary risks from real estate and stock markets . Economic Policy , 19 ( 39 ) : 313 – 346 . doi: 10.1111/j.1468-0327.2004.00125.x
  • Fabling , R. , Grimes , A. and Sanderson , L. Whatever next? Export market choices of New Zealand firms. Discussion Paper DP2009/19, Reserve Bank of New Zealand .
  • Faria , A. , Lane , P.R. , Mauro , P. and Milesi-Ferretti , G.M. 2007 . The shifting composition of external liabilities . Journal of European Economic Association , 5 ( 2–3 ) : 480 – 490 . doi: 10.1162/jeea.2007.5.2-3.480
  • Gagnon , J. Current account imbalances coming back . Working Paper 11-1, The Peterson Institute for International Economics .
  • Galstyan , V. and Lane , P.R. 2008 . External imbalances and the extensive margin of trade . Economic Notes , 37 ( 3 ) : 241 – 257 . doi: 10.1111/j.1468-0300.2008.00200.x
  • Ha , Y. and Hodgetts , B. 2011 . “ Macro-prudential instruments for New Zealand: A preliminary assessment ” . Unpublished Manuscript, Reserve Bank of New Zealand
  • Kim , K. , Hall , V.B. and Buckle , R.A. 2006 . Consumption-smoothing in a small, cyclically volatile open economy: Evidence from New Zealand . Journal of International Money and Finance , 25 ( 8 ) : 1277 – 1295 . doi: 10.1016/j.jimonfin.2006.09.002
  • Korinek , A. 2010 . “ Excessive dollar borrowing in emerging markets: Balance sheet effects and macroeconomic externalities ” . Mimeo : University of Maryland .
  • Korinek , A. and Serven , L. 2011 . “ Undervaluation through foreign reserve accumulation: Static losses, dynamic gains ” . Mimeo : University of Maryland .
  • Krugman , P. 2008 . “ The international financial multiplier ” . Mimeo : Princeton University .
  • Labuschagne , N. and Vowles , P. Why are real interest rates in New Zealand so high? Evidence and drivers . Working Paper 10/09, New Zealand Treasury .
  • Lane , P.R. 2003 . The cyclical behaviour of fiscal policy: Evidence from the OECD . Journal of Public Economics , 87 ( 12 ) : 2661 – 2675 . doi: 10.1016/S0047-2727(02)00075-0
  • Lane , P.R. 2010a . “ External imbalances and fiscal policy ” . In External imbalances and public finances in the EU. European Economy Occasional Papers Edited by: Barrios , S. , Deroose , S. , Langedijk , S. and Pench , L. 17 – 30 .
  • Lane , P.R. 2010b . Some lessons for fiscal policy from the financial crisis . Nordic Economic Policy Review , 1 ( 1 ) : 13 – 34 .
  • Lane , P.R. and Milesi-Ferretti , G.M. 2007 . The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970–2004 . Journal of International Economics , 73 ( 2 ) : 223 – 250 . doi: 10.1016/j.jinteco.2007.02.003
  • Lane , P.R. and Milesi-Ferretti , G.M. 2008 . The drivers of financial globalization . American Economic Review , 98 ( 2 ) : 327 – 332 . doi: 10.1257/aer.98.2.327
  • Lane , P.R. and Milesi-Ferretti , G.M. 2011 . The cross-country incidence of the global crisis . IMF Economic Review , 59 ( 1 ) : 77 – 110 . doi: 10.1057/imfer.2010.12
  • Lane , P.R. and Milesi-Ferretti , G.M. 2012 . External adjustment and the global crisis . Journal of International Economics, forthcoming ,
  • Lane , P.R. and Shambaugh , J.C. 2010 . Financial exchange rates and international currency exposures . American Economic Review , 100 ( 1 ) : 518 – 540 . doi: 10.1257/aer.100.1.518
  • Mabin , G. New Zealand's exchange rate cycles: Impacts and policy . Working Paper 11/01, New Zealand Treasury .
  • Obstfeld , M. 2012 . Does the current account still matter? . American Economic Review , 102 ( 3 ) : 1 – 23 . doi: 10.1257/aer.102.3.1
  • Obstfeld , M. , Shambaugh , J.C. and Taylor , A.S. 2010 . Financial stability, the trilemma, and international reserves . American Economic Journal: Macroeconomics , 2 ( 2 ) : 57 – 94 . doi: 10.1257/mac.2.2.57
  • Ostry , J.D. , Ghosh , A.R. , Habermeier , K. , Chamon , M. , Qureshi , M.S. and Reinhardt , D.B.S. Capital inflows: The role of controls . IMF Staff Position Note 10/04, International Monetary Fund .
  • Parkyn , O. Estimating New Zealand's structural budget balance . Working Paper 10/08, New Zealand Treasury .
  • Rajan , R.G. 2010 . Fault lines: How hidden fractures still threaten the world economy , Princeton, NJ : Princeton University Press .
  • Reinhart , C.M. and Rogoff , K.S. 2009 . This time is different: Eight centuries of financial folly Princeton, NJ , Princeton University Press .
  • Ricci , L. , Milesi-Ferretti , G.M. and Lee , J. Real exchange rates and fundamentals: A cross-country perspective . Working Paper 08/13, International Monetary Fund .
  • Rose , D. The influence of foreign assets and liabilities on real interest rates . Working Paper 10/09, Institute of Policy Studies .
  • Sarno , L. and Taylor , M.P. 2001 . Official intervention in the foreign exchange markets: Is it effective and, if so, how does it work? . Journal of Economic Literature , 39 ( 3 ) : 839 – 868 . doi: 10.1257/jel.39.3.839
  • Savings Working Group . 2011 . Final Report , New Zealand : Treasury .
  • Steenkamp , D. 2010 . New Zealand's imbalances in a cross-country context . Reserve Bank of New Zealand Bulletin , 73 ( 4 ) : 34 – 46 .
  • Summers , L.H. 1988 . “ Tax policy and international competitiveness ” . In International Aspects of Fiscal Policies , Edited by: Frenkel , J. 349 – 386 . Chicago, IL : University of Chicago Press .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.