Global Imbalances

This paper investigates the role played by total factor productivity (TFP) in the tradable and nontradable sectors of the United States, the euro area, and Japan in the emergence and evolution of today's global trade imbalances. Simulation results based on a dynamic general equilibrium model of the world economy, and using the EU KLEMS database, indicate that TFP developments in these economies can account for a significant fraction of the total deterioration in the U.S. trade balance since 1999, as well as account for some the surpluses in the euro area and Japan. Differences in TFP developme

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Year of publication:	2009
Authors:	Rebucci, Alessandro
Other Persons:	Batini, Nicoletta (contributor) ; Cova, Pietro (contributor) ; Pisani, Massimiliano (contributor)
Publisher:	Washington : International Monetary Fund
Subject:	Außenwirtschaftliches Gleichgewicht \| External balance \| Welt \| World \| Leistungsbilanz \| Current account \| Globalisierung \| Globalization \| Internationales Währungssystem \| International monetary system \| Kapitalmobilität \| Capital mobility \| EU-Staaten \| EU countries

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Extent:	Online-Ressource (41 p)
Series:	IMF Working Papers IMF working paper ; WP/09/63
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Contents; I. Introduction; II. Methodology; A. Mode, Calibration, and Solution; B. TFP Paths; III. Results; IV. Conclusions; Tables; 1. Annual Average Total Factor Productivity Growth by Sector and Country; Figures; 1. Global Merchandise Trade Balances; 2. Total Factor Productivity Paths; 3. Actual and Simulated U.S. Trade Balance; 4. Actual versus Simulated Trade Balances; 5. Actual and Simulated U.S. Real Effective Exchange Rate.; References
ISBN:	978-1-4518-7210-1 ; 978-1-4519-1645-4 ; 978-1-4518-7210-1
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012677719