Readapting macroeconomic management to a globalized economy: How to handle the accountability on the current account balance
CUNTUR
Переглянути архів Інформація| Поле | Співвідношення | |
| Title |
Readapting macroeconomic management to a globalized economy: How to handle the accountability on the current account balance
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| Creator |
Yülek, Murat A.
Yağmur, Mete H. |
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| Contributor |
Istanbul Commerce University, Sütlüce Mah. Imrahor Cad. No: 90, Beyoğlu 34445/Istanbul, Turkey, e-mail: myulek@ticaret.edu.tr Phone: (+90) 5332272193
Istanbul Commerce University, Sütlüce Mah. Imrahor Cad. No: 90, Beyoğlu 34445/Istanbul, Turkey, e-mail: myagmur@ticaret.edu.tr, Phone: (+90) 5324407500 |
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| Subject |
macroeconomic policy
macroeconomic management current account current account sustainability central banking 330.342 338 E52 E61 F41 F63 |
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| Description |
Current account imbalances that have been a component of the globalization process threaten overall macroeconomic management, jeopardize financial stability and exacerbate effects of financial turmoil. Despite its detrimental effects, however, current account imbalances are overlooked by policy makers. In this paper we argue that assigning the responsibility to monitor and be accountable on the current account balance to an appropriate public institution would improve macroeconomic management not only in terms of soothing external balance but would also make internal balance concerns less troublesome and mitigate risks of economic and financial crises. Considering the developments particularly in the aftermath of the global financial crisis, we propose the central bank as a plausible candidate.
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| Date |
2015-12-02T16:20:39Z
2015-12-02T16:20:39Z 2015-11-24 2015-11-24 2015-09 |
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| Type |
Article
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| Identifier |
Yülek, Murat A. Readapting macroeconomic management to a globalized economy: How to handle the accountability on the current account balance [Електронний ресурс] / Murat A. Yülek, Mete H. Yağmur // Соціально-економічні проблеми і держава. — 2015. — Вип. 2 (13). — С. 22-28. — Режим доступу до журн.: http://sepd.tntu.edu.ua/images/stories/pdf/2015/15ymacab.pdf.
2223-3822 http://elartu.tntu.edu.ua/handle/123456789/6274 Yülek, Murat A. and Yağmur, Mete H. (2015). Readapting macroeconomic management to a globalized economy: How to handle the accountability on the current account balance. Socio-Economic Problems and the State [online]. 13 (2), p. 22-28. [Accessed November 30, 2015]. Available from: <http://sepd.tntu.edu.ua/images/stories/pdf/2015/15ymacab.pdf> |
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| Language |
en
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| Relation |
Соціально-економічні проблеми і держава
Socio-Economic Problems and the State http://www.bankofengland.co.uk/financialstability/pages/fpc/default.aspx Nayyar, D. (2013) Macroeconomics and Human Development. In Nayyar D. (eds.) Macroeconomics and Human Development, Routledge, NY. Carbough, J. R. (2013) International economics, 14th Ed. South-Western, OH. Aizenman, J. (1983) A theory of current account and exchange rate determinations. NBER WP Series, No: 1177. Başçı, E., Kara, H. (2011) Finansal İstikrar ve Para Politikası. Türkiye Cumhuriyet Merkez Bankası, Çalışma Tebliğ No. 11/08 [Turkish]. Berg, A., Pattillo, C. (1999) Predicting currency crisis: the indicators approach and an alternative. Journal of International Money and Finance, 18, p. 561–586. Bernanke, B. (2005). The global saving glut and the US current account. Remarks at the Sandridge Lecture (10 March). Virginia Association of Economics, Richmond, VA. Bernanke, B. (2007) Global imbalances: recent developments and prospects, Bundesbank lecture, September 11, 2007. Bernanke, B. (2010) Speech at the Annual Meeting of the American Economic Association, January 3, 2010. Borio, C., Disyatat, P. (2011) Global imbalances and the financial crisis: link or no link. BIS WP No. 346. Calvo, G., Talvi, E. (2005) Sudden stop, financial factors and economic collapse in Latin America: learning from Argentina and Chile. NBER WP No. 11153. Financial Policy Committee (Undated). Available from: http://www.bankofengland.co.uk/financialstability/pages/fpc/default.aspx [Accessed on: 29 August 2015]. IMF (2012) Turkey: Selected Issues. IMF Country Report No. 12/339. Kaminsky, G. L., Reinhart, C. M. (1999) The twin crisis: the causes of banking and balance-of payments problems. The American Economic Review, 89 (3), pp. 473-500. Lane, P. R., Milesi-Ferretti, G. M. (2011) The cross-country incidence of the global crisis. IMF Economic Review 59(1), 77-110. Milesi-Ferretti, G. M., Razin, A. (1998) Current account reversals and currency crisis: empirical regularities. NBER WP Series No. 6620. Obstfeld, M., Rogoff, K. (1995) The intertemporal approach to the current account. In Grossman, G.N and Rogoff, K. (Eds) Handbook of International Economics, Volume 3, North Holland Publishing Company. Obstfeld, M., Rogoff, K. (2009) Global imbalances and the financial crisis: products of common causes. CEPR Discussion Paper No. DP7606. Sachs, J.D. (1981) The current account and macroeconomic adjustment in the 1970s. Brookings Papers on Economic Activity 1:1981. Stiglitz, J. E. (2011) Rethinking macroeconomics: what failed, and how to repair it. Journal of the European Economic Association, 9 (4) pp. 591-645. doi:10.1111/j.1542-4774.2011.01030.x. Stiglitz, J. E. (2014) Reconstructing macroeconomic theory to manage economic policy. NBER WP, No 20517. Taylor, J. B. (2010) Getting Back on Track: Macroeconomic policy lessons from the financial crisis. Federal Reserve Bank of St. Louis Review, May/June 2010, pp. 165-176. |
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| Rights |
© Соціально-економічні проблеми і держава, 2015
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22-28
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Тернопіль
Ternopil |
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| Publisher |
АСУ, ТНТУ
ASU, TNTU |
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