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This
paper examines three different explanations
of the global financial imbalances. It
begins with the neoliberal globalisation
hypothesis that explains the imbalances
as the product of the model of globalisation
implemented over the past thirty years.
It then examines the saving glut and reserve
currency hypotheses. The paper concludes
by arguing that both the saving glut and
reserve currency hypotheses are inconsistent
with the empirical record and both provide
a misleading guide for policy.
* The paper
was originally published as a working
paper by the Macroeconomic Policy Institute
(IMK) and is available at the following
link:
http://www.boeckler.de/pdf/p_imk_wp_13_2011.pdf.
November
22, 2011.
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