This paper discusses whether the world is on the brink of a global recession and examines its causes and effects.
Written in 2006; 2,676 words; 4 sources; MLA; $ 80.95
Paper Summary:
The paper explains that there are serious imbalances in the world economy and this could have international effects. This paper analyzes the seriousness of this impending adverse situation especially for developing countries and discusses whether as a consequence of this, a global recession is inevitable. The writer explores global current account imbalances and evaluates different views on the causes and consequences of the imbalances. Finally, the paper discusses the various macroeconomic policies and shocks that might remedy the imbalances.
Contents:
The Trans-Pacific Imbalances
Global Re-balancing
Concluding Remarks
From the Paper:
"The present phase of relatively fast growth in the developing countries is driven principally by strong global demand, especially, originating mainly in the US. This is further fuelled by the Chinese economic growth. During 1980s and 1990s, most developing countries embraced the market-oriented reforms agenda with the expectation that with this approach they will be able to integrate better with the other economies of the globe. The agenda included liberalization and deregulation at the national level and opening up through competition at the global level. Different countries advanced in this direction to different extents. However, after the East Asian Crisis of late 1990s, the approach of the affected countries changed and they started accumulating foreign currency, mostly dollars as a measure of insurance against any future probable risks and looking to the rise in the oil prices in the international markets. This is also a result of currency manipulative monetary policies of some of the countries like China. Many of the countries developed current surpluses which used to be mostly in red. However, the main sources of the inflow were the increasing trade surplus and FDI."
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