Global imbalances, exchange rates adjustment and the crisis: Implications from network analysis

摘要: Abstract The persistence of global imbalances remains a potential source instability for the international economic system, which ought to be tackled in order exit from current crisis better position. This paper shows that complexity network trade has increased over time terms number countries involved and heterogeneity their conditions. These findings imply orchestrating exchange rate adjustment plan, as done 1980s tackle similar problem, is certainly more difficult than it was 20 years ago. We also show, however, uncoordinated movements bilateral rates occurred since early 2000s did not go direction reducing imbalances. Rebalancing world economy, thus, seems require rich set coordinated policy actions changes, involving adjustments both real variables, are heterogeneous at country level. argue that, provided some conditions satisfied, variegated effects ongoing financial crisis, responses this induced, may help rebalancing process.