Current Account Balances, Capital Flows, and International Reserves

Країна: Гонконг

Місто: Hong Kong

Тези до: 01.02.2018

Дати: 04.05.18 — 05.05.18

Область наук: Економічні;

Е-мейл Оргкомітету: gruhkg@cityu.edu.hk

Організатори: City University of Hong Kong

 

Large current account deficits and surpluses have been in the limelight of both policy discussions and the academic literature. China and Germany are two prime examples of countries who have recorded surpluses of several percentage points of GDP over the past few years. The United States, by contrast, has recorded persistent current account deficits.

There are two sides to this phenomenon: On the one hand, large current account imbalances have triggered renewed interest in protectionism and capital control policies world-wide. On the other hand, net imbalances affect the pattern of gross international capital flows, which dropped considerably during the recent global financial crisis, then recovered quickly following QE policies, and slowed down again recently.

Both current account imbalances and capital flows have implications for global international reserves, which have increased substantially since the international financial crises of the 1990s. Since the more recent GFC, further international linkages have developed including intracentral-bank claims and liabilities in Europe (TARGET2 balances), and international swap-lines.

Large current account imbalances, volatile capital flows, and the excessive hoarding of international reserves are deemed to have adverse effects on local economies and repercussions on the global financial system. The conference provides a platform for discussing advances in research related to these topics. Specifically, we would like to bring together academics and policy makers to assess these issues and their implications from theoretical, empirical and policy perspectives, striking a balance between academic rigor and policy relevance.

We invite researchers to present their original work on topics including, but are not necessarily limited to, the following:

  • Hoarding of Reserves 10 years after the GFC, and 20 years after the AFC
  • Sustained large current account imbalances – repercussions and remedies
  • Capital flows and capital flight – before and after the crisis
  • Swap-lines, TARGET2 and other claims and liabilities among monetary authorities
  • Imbalances within currency unions and other fixed exchange rate regimes
  • Comparative studies of specific surplus and deficit countries

Веб-сторінка конференції: https://inomics.com/conference/current-account-balances-capital-flows-and-international-reserves-1111922