Cover -- Contents -- Foreword -- Acknowledgments -- PART I: A FRAMEWORK FOR REBALANCING AND RECOVERY -- 1 The Global Crisis and Imbalances -- 2 (Why) Should Current Account Balances Be Reduced? -- PART II: IMBALANCES IN MAJOR DEFICIT ECONOMIES -- 3 The United States: Resolving "Twin" Deficits -- 4 The United Kingdom: Imbalances and the Financial Sector -- 5 France: Imbalances and Declining Competitiveness -- 6 India: Dealing with Perennial Fiscal Deficits -- PART III: IMBALANCES IN MAJOR SURPLUS ECONOMIES -- 7 China: Imbalances and High Saving -- 8 Germany: Niche Exports and Improved Competitiveness -- 9 Japan: Low Growth and an Aging Population -- Part IV: REBALANCING AND GROWTH -- 10 A Roadmap for Collective Action -- Index -- A -- B -- C -- D -- E -- F -- G -- H -- I -- J -- L -- M -- O -- P -- R -- S -- T -- U -- Figures -- Figure 1.1 Current Account Balances, 2000-09 and 2010-15 -- Figure 1.1.1 G20 Indicative Guidelines: Comparison of Approaches (Systemic rule -- at market exchange rates) -- Figure A2.1 Equilibrium Exchange Rate and Interest Rate -- Figure A2.2 Impact of an Increase in Desired Foreign Saving -- Figure A2.3 Increase in Foreign Saving, Zero Bound on Interest Rates -- Figure 3.1 U.S. Current Account and Fiscal Balance -- Figure 3.1.1 Congressional Budget Office Baseline Projections by Vintage -- Figure 3.2 U.S. Saving-Investment Balances -- Figure 3.3 United States: Home Equity Extraction and Federal Reserve Bank Senior Loan Officer Survey -- Figure 3.4 International Reserves -- Figure 3.5 Foreign Exchange Reserves by Currency -- Figure 3.6 Health Care Expenditures versus Life Expectancy, 2007 -- Figure 3.7 Net Purchases of U.S. Long-Term Securities by Foreigners -- Figure 3.8 United States: Path of Public Indebtedness, 2001-16 -- Figure 4.1 United Kingdom: Contributions to Real GDP -- Figure 4.2 U.K. Saving and Investment.

Figure 4.3 U.K. Gross Saving by Sector -- Figure 4.4 G20 Saving and Investment -- Figure 4.5 U.K. Household Consumption and Debt -- Figure 4.6 U.K. Household Income Share -- Figure 4.7 U.K. Household Net Wealth and Debt -- Figure 4.8 U.K. House Price-to-Income Ratio -- Figure 4.9 U.K. Public Sector Balance and Debt -- Figure 4.10 U.K. Stamp Duty Receipts -- Figure 5.1 France: Current Account Balance Components -- Figure 5.2 France: Private Saving and Investment -- Figure 5.3 France: Private and Public Saving-Investment Balances -- Figure 5.4 France: General Government Accounts -- Figure 5.5 France: Fiscal Indicators -- Figure 5.6 France: Overruns in Real Spending Growth -- Figure 5.7 Domestic Demand Growth -- Figure 5.8 Real Export Growth, 2001-05 to 2006-10 -- Figure 5.9 Wage Growth Minus Total Factor Productivity Growth -- Figure 5.10 Real Effective Exchange Rate (Index based on the consumer price index -- 1999 = 100) -- Figure 5.11 Unit Labor Costs, Manufacturing Sector (Index -- 1999 = 100) -- Figure 5.12 Employment Protection, 2008 (Index) -- Figure 5.13 Product Market Regulation, 2008 (Index) -- Figure 6.1 India: Real GDP Growth -- Figure 6.2 India: Debt Dynamics -- Figure 6.3 India: General Government Finances -- Figure 6.4 India: Investment -- Figure 6.5 India: Saving -- Figure 6.6 India: Financial Surplus by Sector -- Figure 6.7 India: Central Government and State Shares in Government Gross Deficits -- Figure 6.8 General Government Revenues among G20 Emerging Market Economies, 2010 -- Figure 6.9 India: Use of Household Financial Saving -- Figure 6.10 India: Financing of Government Debt -- Figure 6.11 India: Lending and Deposit Rates in Commercial Banks and Small Saving Schemes -- Figure 6.12 India: Private Disposable Income and Consumption -- Figure 7.1 China: Current Account Balance -- Figure 7.2 China: Saving by Sector.

Figure 7.3 China: Household Saving Rate -- Figure 7.4 China: Saving and Investment -- Figure 7.5 China: Contributions to Growth -- Figure 7.6 China: Corporate Saving and Investment -- Figure 7.7 G20: Saving and Current Accounts -- Figure 7.8 China: Reserves and the Exchange Rate -- Figure 7.9 China: Relative Productivity and the Real Exchange Rate (Log change multiplied by 100 from 1990) -- Figure 7.10 China: Change in Cumulative Reserves (January-June cumulative -- in billions of U.S. dollars) -- Figure 7.11 China: Real Interest Rates (Percent) -- Figure 7.12 China: Personal Saving One-Year Deposit Interest Rates (Nominal percent per annum) -- Figure 8.1 Germany: Current Account Balance and Trade Balance -- Figure 8.2 Germany: General Government Balance -- Figure 8.3 Germany: Investment Components -- Figure 8.4 Germany: Manufacturing Exports, 1995-2005 -- Figure 8.5 Average Salary per Worker -- Figure 8.6 Relative Unit Labor Costs (Index -- 1999 = 100) -- Figure 8.7 Availability of Venture Capital (Survey index 1-7) -- Figure 8.8 Regulation in Professional Services -- Figure 8.9 Germany: Private-Fixed-Investment-to-GDP Ratio and Potential Growth -- Figure 8.10 Labor Tax Wedge, 2010 -- Figure 8.11 Corporate Income Tax Rate, 2011 -- Figure 9.1 Gross Debt for G20 Advanced Countries, 2010 -- Figure 9.2 Japan: Structural Balance of the General Government -- Figure 9.3 Japan: Sectoral Financial Surplus -- Figure 9.4 Japan: Gross Domestic Product -- Figure 9.5 Japan: Growth Accounting -- Figure 9.6 Japan: Labor Force Size and Participation -- Figure 9.7 Japan: Cumulative Contribution to Net Debt -- Figure 9.8 Japan: Distribution of General Government Expenditures (Trillions of yen) -- Figure 9.9 Japan: Private Sector Saving Rates -- Figure 9.10 Japan: Nonfinancial Gross Saving and Payments.

Figure 9.11 Holdings of Japanese Government Bonds, as of end-2009 -- Figure 9.12 Japan: Public Debt and Interest Payments -- Figure 10.1 Elements of Imbalances -- Figure 10.2 G20 Upside Scenario (Percent deviation from baseline) -- Figure 10.3 Additional Fiscal Consolidation under the G20 Mutual Assessment Process Upside Scenario (World real GDP -- percent deviation from baseline) -- Figure 10.4 Additional Fiscal Consolidation, Structural Reforms, and Rebalancing Policies under the G20 Mutual Assessment Process Upside Scenario (World real GDP -- percent deviation -- Figure 10.5 Current Account Balances -- BOXES -- BOX 1.1 G20 Indicative Guidelines for Identifying Large Imbalances -- BOX 3.1 U.S. Fiscal Turnaround -- BOX 7.1 How China's Twelfth Five-Year Plan Targets a Rebalanced Economy -- BOX 9.1 Have Japanese Households "Pierced the Corporate Veil"? -- BOX 10.1 Policy Assumptions for the G20 Upside Scenario -- TABLES -- TABLE 5.1 Employment Ratios -- TABLE 6.1 India's Social Indicators Compared with Other G20 Emerging Market Economies -- TABLE 6.2 India: Commercial Banks' Holdings of Securities -- TABLE 9.1 Japan: Trends in Tax Elasticity.

This book examines imbalances in seven major economies: China, France, Germany, India, Japan, the United Kingdom, and the United States, evaluating key indicators agreed on by the G20 for identifying large imbalances, including public and private debt and private saving, and countries' external position. The chapters describe a suite of corrective steps tailored for each country that, if implemented, could improve prospective economic outcomes, creating sustainable and balanced growth for these economies. and serving as a model for other G20 countries.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.