Global Rebalances and Design of New International Policy Coordination

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This research analyzes empirically the mechanism of global rebalances and investigates the feasibility of international policy coordination. The most remarkable finding is that the detailed quantiative anaysis was conducted to examine the characters of external imbalances in the U. S, which has been the major country of global imbalances. The examinations clarified that the movements of the current account cotain"other factor"as well as structural and cyclical factors. The investigation also cleared that it indicates implicitly the orgin of the financial crisis in the recent world.