Three essays on global imbalances
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This study assesses the global imbalances across three regions (Chapter I), from Korean economy context (Chapter II), and from the perspective of history of economic thought (Chapter III). Chapter I demonstrates the asymmetry of the international financial arrangement (IFA) by examining contrast adjustments in the triangular pattern of international private capital flows among the center, creditor, and debtor periphery. Based on the asymmetry it concludes that decentralized efforts by individual country have limitations and international coordination is inevitable to minimize the negative ...