Abstract:
It is clear that the world needs global rebalancing – at some stage the scale of
international imbalances must be reduced. As is well known, two things are necessary for this rebalancing: changes in relative absorption between deficit and surplus countries in the world – including cuts in absorption in the deficit countries - and changes in relative prices between deficit and surplus countries.
Citation:
Vines, D (2012), ‘The G20MAP, global rebalancing, and sustaining global economic growth‘, in Vines, D and R Baldwin (eds), Rethinking Economic Global Governance in Light of the Crisis: New Perspectives on Economic Policy Foundations, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rethinking-economic-global-governance-light-crisis-new-perspectives