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This book examines imbalances in seven major economies: China, France, Germany, India, Japan, the United Kingdom, and the United States, evaluating key indicators agreed on by the G20 for identifying large imbalances, including public and private debt and private saving, and countries external position. The chapters describe a suite of corrective steps tailored for each country that, if implemented, could improve prospective economic outcomes, creating sustainable and balanced growth for these economies and serving as a model for other G20 countries.

Economic policy --- Economic development --- Financial crises --- Global Financial Crisis, 2008-2009 --- Equilibrium (Economics) --- Balance of trade --- Debts, External --- Business & Economics --- Economic Theory --- Prevention --- Economic policy. --- Economic development. --- Balance of trade. --- Debts, External. --- Prevention. --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Deficits, Trade --- Trade, Balance of --- Trade balance --- Trade deficits --- Trade surpluses --- Surpluses, Trade --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Development, Economic --- Economic growth --- Growth, Economic --- Economic nationalism --- Economic planning --- National planning --- State planning --- Debt --- International finance --- Investments, Foreign --- International trade --- Balance of payments --- Mercantile system --- Payment --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences) --- Crises --- Development economics --- Resource curse --- Planning --- National security --- Social policy --- Global Financial Crisis (2008-2009) --- E-books --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Exports and Imports --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Production and Operations Management --- Labor --- Debt Management --- Sovereign Debt --- Current Account Adjustment --- Short-term Capital Movements --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- International economics --- Labour --- income economics --- Currency --- Foreign exchange --- Public debt --- Current account surpluses --- Current account deficits --- Fiscal consolidation --- Revenue administration --- Fiscal policy --- Debts, Public --- Revenue --- Expenditures, Public --- United States

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Exchange rate pass-through in a set of euro area prices along the pricing chain is examined. Using a vector autoregression (VAR) approach, the empirics analyze the joint time-series behavior of the euro exchange rate and a system of euro-area prices in response to an exchange rate shock. The impulse-response functions from the VAR estimates are used to identify-in a 'new open economy macroeconomics model'-those key behavioral parameters that best replicate the pattern of exchange rate pass-through in the euro area. Area-wide prices are found to display incomplete pass-through, consistent with euro currency-pricing and pricing-to-market behavior. The results are compared to those for the other major industrial economies, and suggest that, as with the United States, "expenditure-switching" effects on the current account still operate but are generally small.

Foreign exchange rates --- Balance of payments --- Pricing --- Price policy --- Price policy, Industrial --- Retail pricing --- Marketing --- Current account balance (International trade) --- International payments, Balance of --- Foreign exchange --- Terms of trade --- Balance of trade --- International liquidity --- Econometrics --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Open Economy Macroeconomics --- Price Level --- Inflation --- Deflation --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Currency --- Econometrics & economic statistics --- Monetary economics --- Exchange rates --- Import prices --- Export prices --- Vector autoregression --- Currencies --- Prices --- Econometric analysis --- Money --- Imports --- Exports --- United States

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This paper estimates empirically the changing degree of capital mobility in several Pacific Basin countries that have pursued financial liberalization in recent years. Tracing the impact of the liberalization process on the capital account, the paper also examines the implications for monetary policy operating in this changing economic environment. Empirical estimates support an overall finding of increased capital mobility in the region over the past decade. However, country experiences, with the exception of Singapore, have been more episodic--oscillating between periods of high and low financial openness--rather than uniform in regards to changing capital mobility.

Banks and Banking --- Exports and Imports --- Finance: General --- Foreign Exchange --- Interest Rates: Determination, Term Structure, and Effects --- International Investment --- Long-term Capital Movements --- International Financial Markets --- General Financial Markets: General (includes Measurement and Data) --- Finance --- International economics --- Currency --- Foreign exchange --- Interest rate parity --- Capital controls --- Currency markets --- Financial integration --- Exchange rates --- Financial services --- Balance of payments --- Financial markets --- Interest rates --- Capital movements --- Foreign exchange market --- International finance --- Thailand

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This paper develops a model to examine the macroeconomic implications of population aging. Using a general equilibrium framework, the analysis examines the various channels through which changes in demographics affect the economy. Age-earnings profiles are taken to summarize differences in effective labor supply across age groups and to help determine changes in consumption and saving behavior that occur over an agent's lifetime. Aggregating these supply- and demand-side effects, the implications of aging on economic activity and fiscal policy are then examined.

Macroeconomics --- Demography --- Macroeconomics: Consumption --- Saving --- Wealth --- Forecasting and Simulation: Models and Applications --- Fiscal Policy --- Fiscal Policies and Behavior of Economic Agents: Household --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Demographic Economics: General --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Labor Economics: General --- Population & demography --- Population & migration geography --- Labour --- income economics --- Aging --- Population and demographics --- Demographic change --- Population growth --- Labor --- Population aging --- Population --- Demographic transition --- Labor economics --- United States

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