External Imbalances and Financial Crises
NBER Working Paper No. 18606
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The author gratefully acknowledges financial support through a grant from the Institute for New Economic Thinking (INET) administered by the University of Virginia. This is a revised version of a paper presented at the IMF Conference on Financial Crises: Causes, Consequences and Policy Responses, September 14, 2012. I thank all conference participants and the IMF research team for very helpful comments and suggestions. This paper draws on recent work with collaborators, whom I thank; but the views expressed are those of the author alone, and the responsibility for interpretation, and any and all errors, is mine. Alan Taylor served as a Senior Advisor at Morgan Stanley in 2010–11, and has received compensation for presenting research findings at private and public sector meetings. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.