"The Financing and the Adjustment Sharing of External Imbalances"

Program and papers

June 27-28, 2013

Università Politecnica delle Marche

Ancona (Italy)

Sponsored by:

Open Economies Review

Rivista Italiana degli Economisti – Journal of the Italian Economic Association

The present international monetary and financial regime seems incapable of delivering external balances and facilitating smooth adjustments when imbalances are large and persistent. This is true for countries that follow flexible exchange rates as well as for individual member countries of the European Monetary Union.

For some economists and policy makers, the current account surpluses of the world periphery (the emerging countries), the direct consequence of a saving glut, have contributed to the credit boom in the center (the United States) and to the onset of the global financial crisis. According to the saving glut thesis, these imbalances will wither away over time. But the saving glut hypothesis, by focusing on net capital flows, ignores the information value of gross capital flows that have expanded much more than net capital flows.

Another fundamental aspect of external imbalances concerns rules and burden sharing of adjustment. The evidence suggests that correction mechanisms to imbalances are not working satisfactorily and that burden sharing falls primarily on deficit countries.

The conference will be held in Ancona on June 27-28, 2013. It is organized by the Money and Finance Research group (MoFiR) and sponsored by the Department of Economics and Social Sciences of the Università Politecnica delle Marche, and by the Open Economies Review and Rivista Italiana degli Economisti – Journal of the Italian Economic Association.

Invited lecture: George Tavlas, Director General, Bank of Greece

Download the call for paper.

Scientific Committee:

Pietro Alessandrini (Università Politecnica delle Marche)

Michele Fratianni (Università Politecnica delle Marche and Indiana University)

Andrew Hughes-Hallett (George Mason University and University of St Andrews)

Alessandro Missale (UNCTAD)

Patrick Minford (University of Cardiff)

Andrea F. Presbitero (Università Politecnica delle Marche)

Patrizio Tirelli (Università di Milano Bicocca)

Thomas Willett (Claremont Graduate University)

Review process for possible publication:

Contributions accepted for presentation at the conference will be evaluated for publication in the Open Economies Review and Rivista Italiana degli Economisti – Journal of the Italian Economic Association. Authors should indicate clearly if they do not want their work submitted to these journals. There will be a standard refereeing process for the journals that will be separate from the conference screening process.


Department of Economics and Social Sciences, Università Politecnica delle Marche, Ancona – ITALY (http://www.dises.univpm.it/).

Questions may be addressed to: mofir@univpm.it

The conference is part of the activities of the European project RASTANEWS - "Macro-Risk Assessment and Stabilization Policies with New Early Warning Signals"