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- DescriptionAs the ecomic crisis spreads from financial markets to real ecomies in countries around the world, governments have understandably focused on short-term measures to contain the collapse. Constructing stimulus packages and financial bailouts to address the immediate problems has been the policymakers' priority for foundational recovery. Detailing ather proximate cause of the crash - the problem of global imbalances between savings and investment in major countries - former IMF official Steven Dunaway drafts a proposal to rebuild international finance's structural foundations. Fiscal diplomacy, through the Group of Twenty (G20) process, represents an important opportunity to make the world ecomy sounder and to prevent future problems for the financial system. But if thing is done to correct global current account deficits, Dunaway warns in this important book, the imbalances will simply build up again as the world ecomy seemingly recovers. In time, the enlarging deficits will become a major contributing factor to the next global crisis.
- Author BiographySteven Dunaway is an adjunct senior fellow for international economics at the Council on Foreign Relations. Previously, he was a deputy director of the Asia and Pacific department at the International Monetary Fund.
- Author(s)Steven Dunaway
- PublisherCouncil on Foreign Relations
- Date of Publication01/03/2009
- SubjectEconomics: Professional & General
- Series TitleCouncil Special Report S.
- Series Part/Volume NumberNo. 44
- Place of PublicationNew York
- Country of PublicationUnited States
- ImprintCouncil on Foreign Relations
- Content Note1, black & white illustrations
- Weight89 g
- Width152 mm
- Height229 mm
- Spine2 mm
- Format DetailsTrade paperback (US)
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