Global Imbalances, Exchange Rates and Stabilization Policy

ANTHONY J. MAKIN is Professor of Economics at Griffith University, Australia. He previously served as a senior economist in the Australian departments of Finance and Treasury and with the IMF Institute in Singapore. He has represented Australia at Pacific Economic Co-operation Council conferences and published widely on international macroeconomic theory and policy issues.

• Introduction The Global Economy and External Imbalances Global Imbalances and Exchange Rates External Imbalances and National Income International Capital Mobility and National Income External Imbalances, Exchange Rates and Interest Rates Money, Exchange Rates and the Balance of Payments Stabilisation Policy, Interest Rates and National Income Real Exchange Rate, External Imbalances and National Income Select Stabilisation Policy Issues Epilogue