Ewolucja globalnej nierównowagi płatniczej w pokryzysowej gospodarce światowej

Dominik A. Skopiec


Evolution of global imbalances in the post-crisis world economy

Global imbalances, i.e. external positions of systemically important economies that reflect distortions or entail risks for the global economy, remain one of the key characteristics of the contemporary world economy. After narrowing sharply in the aftermath of the global financial crisis, overall current account surpluses and deficits stabilized at around 3 percent of global GDP. However, according to the International Monetary Fund’s External Sector Report about 35–45 percent of overall current account surpluses and deficits were deemed excessive in 2018. Moreover, the post-crisis period has been characterized by external rebalancing of the Chinese economy, the rise of EMDEs in overall deficits as well as persistency of deficits in the US and the UK. Following the global financial crisis, global imbalances have also been increasingly concentrated in advanced economies.