This article analyzes current global imbalances which are reflected as a high level of current account deficit in the United States. The paper consists of three parts. The first one describes the scale and dynamics of disequilibrium. The second part discusses causes of the global imbalances. The third part presents different scenarios concerning restoration of global equilibrium.

Keywords: exchange rate, current account, foreign exchange interventions, global imbalances.
JEL: F20, F21, F31, F32, F41

  Michał Rubaszek, Global imbalances: causes and possible solutions - plik pdf; (406 KB)