Global Imbalances and the Implications for Africa
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Date
2007
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
The Hague
Abstract
indicated by D’Arista and Griffith-Jones (2006), the United
States has for most of the past twenty five years carried current
account deficits. In large part, the deficit has been sustained by a
gradual depreciation of the US dollar vis-à-vis other major currencies,
high growth rates in other parts of the world, and a willingness of non-
US residents to increase their holdings of US dollars. The phenomenon
of large and growing current account deficits of the United States
(amounting to $869.1 billion in 2006, or 6.5 percent of GDP) and the
associated large positions that foreigners (especially emerging economies)
are amassing in US securities have become a central feature of
the global economy, particularly in recent years. It has predictably
garnered much attention from the financial press, policymakers,
practitioners and, of course, academics. The three chapters by Barry
Eichengreen and Yung Chul Park (2006), Jane D’Arista and Stephany
Griffith-Jones (2006) and Fan Gang (2006) in the previous volume1
present an excellent discussion of many of the key issues and the way
forward. My comments highlight some key issues to stimulate further
discussion and then dwell briefly on the neglected region in the
discourse – Africa.
Description
Keywords
Global Imbalances, Africa
Citation
Kasekende, L. (2007). Global imbalances and the implications for Africa. Global Imbalances and Developing Countries, 8. The Hague