Jan Kregel: Financial flows and international imbalances - the role of catching-up by late industrialising developing countries

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Financial flows and international imbalances - the role of catching-up by late industrialising developing countries

31 pp.
4.60 EUR
Published: 2009/03/13

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Jan Kregel holds that while the traditional approach to the adjustment of international imbalances assumes industrialised countries at a similar level of development and with similar production structures, such imbalances have historically been the result of a process of catching up by late-industrialising developing countries. This may call for an alternative approach that assesses how the imbalances can be managed in order to support developing countries? efforts to achieve successful industrialisation and integration into the global trade and financial system. In this light, Kregel's chapter presents an alternative explanation of the existence and persistence of the currently high levels of imbalances and suggests reasons why they may persist in the medium term.

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