NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

External Adjustment and the Global Crisis

Philip R. Lane, Gian Maria Milesi Ferretti

NBER Working Paper No. 17352
Issued in August 2011

---- Acknowledgements -----

Revised version of paper prepared for the NBER-Sloan Global Financial Crisis Conference, Bretton Woods, June 3-4 2011. We thank the discussant Richard Portes, the organizers and participants in the conference and pre-conference for helpful feedback. Peter McQuade and Clemens Struck provided helpful research assistance. The views expressed in this paper are those of the authors and do not necessarily reflect those of the National Bureau of Economic Research, the IMF, or IMF policy.

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