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Global imbalance : A policy mishap or a rational outcome? the case of Korea

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  • Global imbalance
  • Lee, Il Houng
  • Korea Institute for International Economic Policy


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Title Global imbalance
Similar Titles
Sub Title

A policy mishap or a rational outcome? the case of Korea

Material Type Reports
Author(English)

Lee, Il Houng

Publisher

[Sejong]:Korea Institute for International Economic Policy

Date 2015-04
Series Title; No World Economy Update
Language English
File Type Link
Subject Economy < Financial Policy
Social Development < Population
Holding KIEP

Abstract

Among multitude of issues, global imbalance has attracted more attention than may be warranted because it is perceived to be policy induced and constrain global growth, or a zero sum game in the sense of growing at another countries’ expense. Yet many of those with a current account surplus face a rapidly aging population that motivates high savings to ensure consumption smoothing. Those with a deficit, on the other hand, may need to be there for the opposite reason. Thus, a current account imbalance could be a rational market outcome, rather than a policy induced market distortion.