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External Adjustment, Global Imbalances and Valuation Effects*

Gourinchas P.O., Rey H.
Date Published: 2013   Latest Draft: 07 Apr 2013,   First Draft: 09 Sep 2012,
Gourinchas, P. O., Rey, H.. "External Adjustment, Global Imbalances and Valuation Effects" (2013). Handbook of International Economics, 585-640 Gopinath, Helpman and Rogoff eds.

Abstract:
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.



Citation:
Gourinchas, P. O., Rey, H.. External Adjustment, Global Imbalances and Valuation Effects (2013). Handbook of International Economics, 585-640 Gopinath, Helpman and Rogoff eds.
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*This material is based upon work supported by the European Research Council grant number 210584 on "Countries' external balance sheets, dynamics of international adjustment and capital flows"




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