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One factor is increases in the bank savings from emerging countries, especially in Asian Countries and Commodity Exporter economies, part of what is known as the Savings Glut. These economies increased their foreign exchange reserves to respond to future balance of payment.

Asia in the Global Economy: Potential Growth & Looming Challenges

In some advanced countries, such as Germany,Japan and New Zealand, the ageing issue has been a very important factor increasing the amount of the savings. So far, we have explained why some countries have accumulated many savings, but not why they are held abroad besides the precautionary savings explanation. One reason, is that the financial development has not been followed at the same pace as the financial openness.

This can be seen in a very small markets to generate safe assets where to store value from one period to the next. For this reason, many countries have decided to invest those assets abroad, in the more financially developed countries, such as the United States and the United Kingdom, in the form of Sovereign Wealth Funds , portfolio investments and foreign reserves, indicating the existence of shortages in safe assets as well.

Also, some coincidental factors amplified the extent of the imbalances. The decreasing output volatility in advanced economies i. Great Moderation , led to less savings and a decrease in risk aversion, that was reflected in deepening current account deficits. Global imbalances helped fuel the financial crisis, even though it did not cause it.

IMF EXTERNAL RELATIONS DEPARTMENT

This reduction in interest rate, in addition to other policy measures adopted by central banks, encouraged risk taking and underestimation of risks, on the verge of financial innovation , that might as well had been boosted by this financial environment. It also helped in the increase of leverage in advanced economies, and the formation of the housing market bubble in many of them, through the relaxed credit conditions. Also the increase in the financial linkages, lead to a rapid contagion across economies. Even though many of the policies adopted or discussed since the beginning of the Great Recession, have centred on the sectors of Finance, Housing and Public Debt, among other issues, the presence of Global Imbalances still remains as a factor, that although reduced, points out the need of reforms of the international monetary and financial system to correct the imbalances, and hence, the distortions and market imperfections that gave them origin in first place.

From Wikipedia, the free encyclopedia. The World Economy. Retrieved 17 February Global imbalances: is the world economy really at risk? The Economic Journal. Soskice ed. European Commission. Faruqee, H. Ferguson, N. Fitoussi, J. Frank, R. Freeman, R. Pecchi and G. Galbraith, J. Giavazzi, F. Goldin, C. Goldstein, M. Gong, C. Greenspan, A.


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