NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

External Adjustment, Global Imbalances and Valuation Effects

Pierre-Olivier Gourinchas, Hélène Rey

NBER Working Paper No. 19240
Issued in July 2013
NBER Program(s):   AP   CF   IFM   ITI   ME

We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in size and discuss implications for the international monetary and financial system.

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Document Object Identifier (DOI): 10.3386/w19240

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