« Benjamin M. Friedman: Deficits and Debt in the Short and Long Run | Main | The Endangered Species Act is Endangered »

Thursday, September 29, 2005

Australian Reserve Bank Governor: Global Imbalances not Caused by U.S.

This is a discussion by I.J. Macfarlane, Governor of the Reserve bank of Australia, on global trade imbalances. What's different about this discussion? He does not believe global imbalances are caused by developments within U.S. He also has five key developments (empirical facts) that any theory of the current account imbalance must explain. His contention is that a story with the U.S. as the cause of global imbalances cannot explain all five of these developments. At the end he asks, and answers, the question of whether he lets the U.S. off too easily. Finally, he is dismissive of excess liquidity stories.  It's a bit long, but not quite as long as it appears as it includes graphs, footnotes, and references:

What are the Global Imbalances?, I.J. Macfarlane, Governor, Talk to Economic Society of Australia Dinner, Melbourne - 28 September 2005:

I was told to remove this speech by the media office of the Reserve Bank of Australia (RBA).  I am used to policies such as these:

Unless otherwise specified on this web site, reproduction         of any Federal Reserve Bank of San Francisco Information contained herein may be made without limitation as to number, provided however, that it is not distributed for the purpose of private gain and it is appropriately credited to the Federal Reserve Bank of San Francisco.

Unfortunately, the RBA is more restrictive. Apologies to readers - the speech is still available in the link above.

    Posted by on Thursday, September 29, 2005 at 01:19 AM in Budget Deficit, China, Economics, International Finance, Saving | Permalink  TrackBack (2)  Comments (2)

    TrackBack

    TrackBack URL for this entry:
    https://www.typepad.com/services/trackback/6a00d83451b33869e200d83425075c53ef

    Listed below are links to weblogs that reference Australian Reserve Bank Governor: Global Imbalances not Caused by U.S.:

    » Don't blame the US for global imbalances from New Economist

    What are the Global Imbalances? was the topic for yesterday's dinners speech by Ian Macfarlane, Governor of the Reserve Bank of Australia. Macfarlane doubts the US should be blamed for global imbalances. Here is the key quote:I do not want to give the ... [Read More]

    Tracked on Thursday, September 29, 2005 at 12:56 PM

    » Daily linklets 30th September from Simon World

    Hong Kong shopping news. Lia Ao's Hong Kong press conference and how the media handled the f-word (Note: the f-word is not freedom). Glutter on a Tiananmen crackdown watch scam. Is Hu a closet liberal or conservative? (via CDT) Cuzon continues his exc... [Read More]

    Tracked on Friday, September 30, 2005 at 04:24 AM


    Comments

    Feed You can follow this conversation by subscribing to the comment feed for this post.