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Mrs. Esther Perez Ruiz and Mr. Uffe Mikkelsen
This paper investigates the asymmetries in trade spillovers from sector-specific technology shocks in China to selected euro area countries. We use a Ricardian-gravity trade model to estimate sectoral competitiveness in individual euro area countries. Simulations on the impact of productivity shocks in Chinese textiles and machinery suggest that the required adjustment in wages, prices, and factor re-allocation is widely heterogenous across euro area countries on accounts of their different specialization patterns. This raises the question of the distribution of gains and losses from external trade shocks.
International Monetary Fund. External Relations Dept.
Global Imbalances, Africa's Improved Debt Outlook, Nigerian Reform, Burkina Faso's Cotton Crisis, Ghana and Inflation Targeting, Iraq's Progress, Egypt's Reforms Spur Growth, Asian Trade, Baltics' High Growth Rate, News Briefs.
International Monetary Fund. External Relations Dept.
This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.
International Monetary Fund. External Relations Dept.
This paper highlights that important changes have been made in the World Bank’s management systems since Mr. A. W. Clausen became President in July 1981. The changes reflect Mr. Clausen’s belief that there needs to be a more collegial approach to decision making and greater delegation of authority. The aim is that the World Bank should become more efficient and its activities should be more responsive to its clients’ needs. A Managing Committee was also established to take decisions on all key issues facing the World Bank.
Mr. Ashoka Mody and Mr. Robert P Flood
This is the 2004 (Volume 51) Special Issue of IMF Staff Papers, which includes 6 selected papers (from more than 20) that were presented at the IMF's Fourth Annual Research Conference, November 6-7, 2003.
A.W. Clausen

, created new markets for their home countries. Pakistan, for example, has increased its share of total exports to the Middle East from 2 per cent in 1970 to 14 per cent in 1980. What is involved in all of this, therefore, is a complex set of economic relationships that are being forged between the capital-surplus oil-exporting countries and the labor-surplus nations on their periphery. Now, the populous nations of nonindustrialized Asia represent a success story that has not yet received the full attention it deserves. Like the progress of the newly industrializing

International Monetary Fund. External Relations Dept.

Global economic imbalances appear to have peaked in 2006-07 and are now projected to narrow faster than earlier forecast, but more remains to be done to correct a worrying disequilibrium in the world economy, according to IMF analysis. With slower growth and a weaker dollar, the U.S. current account deficit has narrowed faster than previously projected, while surplus nations have made some progress in implementing policy plans made under an IMF-sponsored process to reduce the imbalances. But as recent events in global financial markets have shown

Mr. Atish R. Ghosh

for currencies against the U.S. dollar, whose value would be fixed in terms of gold. The IMF was founded to help manage the system. Its Articles of Agreement, negotiated at the conference (where many countries provided valuable input), inevitably reflected the relative bargaining powers of the main protagonists. The United States, which expected to be the main surplus nation for the foreseeable future, opposed Keynes’s call for an “international clearing union.” This union would have penalized large-surplus and large-deficit countries symmetrically and, since it was

Mrs. Esther Perez Ruiz and Mr. Uffe Mikkelsen

sufficiently to offset the initial deterioration in (national and foreign) demand arising from the technology shock, which is associated with a worsening trade deficit D n . Assuming that domestic demand expands to keep GDP unchanged after the shock, trade deficits would increase by around 1½ to 3½ percent in Portugal, Italy and Greece in response to a productivity shock to textiles, against 1 percent in Germany. In the event of a shock to the machinery industry, euro area’s surplus nations would be the most affected, with trade deficits deteriorating by more than 2 percent

Sebastian Edwards

process are not new in international policy circles. Indeed, in the 1940s John Maynard Keynes was clearly aware of the issue, and his proposal for an international “Clearing Union” was based on the notion that in the face of large payments imbalances both deficit and surplus nations should share the burdens of adjustment. 5 In recent years there have also been concerns regarding current account behavior in the emerging and transition countries. In particular, a number of authors have asked whether large current account deficits have been associated with the currency