About the contributors  vi

Foreword  xvi

1 The new global imbalances: Why care, why now, and what can be done  1

Beatrice Weder di Mauro and Jeromin Zettelmeyer

2 Global imbalances: Current state and scenarios for the path ahead  35

Ravi Balakrishnan

3 Historical perspectives  67

Barry Eichengreen

4 Global imbalances redux  85

Maurice Obstfeld

5 Global imbalances then and now: Should we be concerned?  123

Thomas Harr and Signe Krogstrup

6 Global imbalances: A progress report  145

Oleg Itskhoki and Dmitry Mukhin

7 An institutional and governance perspective to understanding external imbalances  171

George Papaconstantinou

8 The return of global imbalances? The US case  187

Gian Maria Milesi-Ferretti

9 Stablecoins and global imbalances: Attempting to preserve the US exorbitant privilege  207

Gilles Moec

10 Rebalancing of the Chinese economy: Challenges and policy options  221

Yiping Huang

11 The Chinese current account imbalances: Puzzles, patterns, and possible causes  235

Chang Ma and Shang-Jin Wei

12 Global imbalances, industrial policies, and the challenge of surging Chinese trade surpluses  263

Sébastien Jean

13 The European Union's external imbalances: Past, future, and policy  291

Zsolt Darvas, Costanza Greppi, Alexandre Mendonça, Camille Reverdy, Bo Sangers and Jeromin Zettelmeyer

14 The European Union under pressure? Exploring Chinese trade deflection  321

Charlotte Emlinger, Isabelle Mejan, Kevin Lefebvre, and Vincent Vicard

15 Global imbalances then and now: Lessons from the Plaza Accord  355

Takeo Hoshi

16 Reconciling domestic goals with global adjustment: Challenges for Indian economic management  367

Suman Bery

17 Financial flows to developing countries  383

Anusha Chari