Summary
Gauging net external positions. Developments in the U.S. Developments in creditor countries. Impact on global imbalances. Reference.
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Changing Fortunes
Battered by the fi nancial crisis, the world's lenders and borrowers see dramatic shifts in their external accounts
The ongoing financial crisis has caused dramatic changes in asset prices and exchange rates across the globe. Stock markets have lost 40 percent or more of their value in both advanced economies and emerging markets. Interest rate spreads on corporate and sovereign bonds have widened dramatically. Exchange rates have been very volatile: the currencies of most emerging markets and some advanced economies (such as the United Kingdom) have seen steep declines, while the yen has appreciated very sharply. In addition to their impact on macroeconomic activity, these changes have signifi cantly...See the full content of this document
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