This paper argues that global imbalances in current account positions are a natural consequence of globalization of financial markets and of demographic trends, particularly in Europe and in East Asia. Those societies are aging rapidly, with declining numbers of young adults. On both counts savings should be high and investment weak, resulting in excess saving. With globalization of capital markets, this excess saving will naturally seek secure investment...
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2009/01/01
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Documento de Trabalho (Série Numerada)
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57754
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1
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1
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2010/12/07
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Disclosed
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Remarks for Yale workshop on global trends and challenges : understanding global imbalances
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current account deficit
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