Research Catalog

Title

Globalisation and the Macroeconomic Policy Environment [electronic resource] / Karine Hervé ... [et al]

Publication

Paris : OECD Publishing, 2007.

Details

Additional Authors

• Hervé, Karine.
• Koske, Isabell.
• Pain, Nigel.
• Sédillot, Franck.

Description

82 p.; 21 x 29.7cm.

Summary

This paper investigates the macroeconomic policy challenges associated with a prospective continuation of international trade and financial integration over the next two decades, making use of a global macroeconomic model newly developed by the OECD. The analysis has several important policy implications. First, with the shares of non-OECD economies in world output, trade, and capital markets rising substantially, global economic developments would become much more dependent on developments in these economies than they used to be. Second, the sustainability of existing global current account imbalances will depend in part on the future build-up and composition of international assets and liabilities. While the imbalances could be sustainable for some time if economic integration continues at its current pace, a slowdown of the globalisation process would raise the likelihood of a disruptive adjustment in financial markets. Third, the increase in trade and financial linkages implies that macroeconomic shocks in a given country or region have a larger impact on other economies in the future than they do today. Policymakers in the OECD may have to act more promptly and more vigorously to economic 'shocks' in the non-OECD economies in order to limit the impact on OECD economies.

Series Statement

OECD Economics Department Working Papers, 1815-1973 ; no.552

Uniform Title

OECD Economics Department Working Papers, no.552.

Subject

Economics

LCCN

10.1787/185006265382

OCLC

oecd-lib

Title

Globalisation and the Macroeconomic Policy Environment [electronic resource] / Karine Hervé ... [et al]

Imprint

Paris : OECD Publishing, 2007.

Series

OECD Economics Department Working Papers, 1815-1973 ; no.552

OECD Economics Department Working Papers, 1815-1973 ; no.552.

Connect to:

Full text online available onsite at NYPL

Indexed Term

Economics

Added Author

Hervé, Karine.

Koske, Isabell.

Pain, Nigel.

Sédillot, Franck.

Other Standard Identifier

10.1787/185006265382 doi