01743cas a2200253 a 4500 AALejournalIMF014641 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498339216 1018-5941 BD-DhAAL BD-DhAAL Lane, Philip. Global Imbalances and External Adjustment after the Crisis / Philip Lane, Gian Milesi-Ferretti. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (45 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both 'flow' and 'stock' imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances have strong predictive power for post-crisis macroeconomic outcomes, allowing for variation across different exchange rate regimes. We emphasize that the bulk of external adjustment has taken the form of 'expenditure reduction', with 'expenditure switching' only playing a limited role. Mode of access: Internet Milesi-Ferretti, Gian. IMF Working Papers; Working Paper ; No. 2014/151 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/151/001.2014.issue-151-en.xml IMF e-Library