03818ntm a22005417a 4500 000266486 CZ-PrVSE 20150215225825.0 m d cr n|||||||||| 150215s2014 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 Klusáková, Petra ISIS:89303 dis International Imbalances and International Adjustment during the Global Financial Crisis eng International Imbalances and International Adjustment during the Global Financial Crisis [elektronický zdroj] / Petra Klusáková 2014 ?? s. : digital, PDF soubor Vedoucí práce: Anna Klosová Diplomová práce (Ing.)—Vysoká škola ekonomická v Praze. Fakulta mezinárodních vztahů, 2015 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2015 Despite the fact that international imbalances are not a new phenomenon, their development after the year 2000 has brought a new wave of debates addressing their role in the global economy and the recent financial crisis. After the year 2000 international imbalances started to rise dramatically. However, the situation changed with the arrival of the global financial crisis when the current account's positions narrowed significantly. My aim is to asses if the pre-crisis imbalances reflected rational behaviour of countries or if their extent exceeded levels consistent with sustainable current account positions. If the latter is true, did the adjustment process correct these excesses? By creating a proxy for the excessive part of the current account I find that a significant part of the excesses closed during the crisis and that even nowadays current account imbalances do not reach pre-crisis peak's values anymore. The results also reveal that the adjustment process was the most severe in the case of deficit and advanced countries. Next I analyse the channels through which this adjustment has taken place and I conclude that the contraction of current account imbalances was caused by a mixture of output, demand and income growth changes. In my sample, the adjustment of exchange rate seems to have no explanatory power as far as the current account contraction is concerned. Finally I focus on identifying the root causes of the global imbalances and the importance of adopting changes in the international monetary and financial system. I conclude that these reforms are crucial for preventing the global imbalances from re-accumulation. Způsob přístupu: Internet diplomové práce fd132022 czenas master's theses eczenas G20 current account adjustment process policy recommendations global financial crisis international imbalances international adjustment economics of globalisation and european integration [obor dipl. práce] Klosová, Anna, 1942- mzk2007423930 ths Villaverde Castro, José opn Vysoká škola ekonomická v Praze. Fakulta mezinárodních vztahů kn20010709400 https://isis.vse.cz/zp/49109/podrobnosti VŠKP v InSIS https://isis.vse.cz/zp/49109 Hlavní práce https://isis.vse.cz/zp/49109/posudek/vedouci Hodnocení vedoucího https://isis.vse.cz/zp/49109/posudek/oponent/40138 Oponentura https://isis.vse.cz/zp/49109/podrobnosti dc:identifier NEPOSILAT VSKP s49109 vse49109 150120