Workshop on External Imbalances: Causes, Consequences and Rebalancing 2016 Lille

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  • The Europeen Research Group (GdRe) Money, Bank­ing, Finance is kindly invit­ing you to a Work­shop on “Exter­nal imbal­ances: causes, con­se­quences and rebal­anc­ing” which will be held on Octo­ber 14, 2016 in Lille, France and is organ­ised by LEMCNRS (UMR 9221), Uni­ver­sity Lille 1.

    Work­shop Theme

    The global finan­cial cri­sis of 20082009 and the sub­se­quent sov­er­eign debt cri­sis in the Euro area revealed that the ris­ing indebt­ed­ness of both the pub­lic sec­tor and pri­vate sec­tor had come along with seri­ous exter­nal imbal­ances. For some coun­tries, aggre­gate demand was a major cause of cur­rent account deficits. Were finan­cial inflows a major cul­prit in fuel­ing domes­tic spend­ing? For some other coun­tries, the main prob­lem was price com­pet­i­tive­ness in for­eign trade due to ris­ing rel­a­tive unit labour costs and real exchange rates imbalances.

    What are the strate­gies for rebal­anc­ing? They obvi­ously dif­fer accord­ing to the causes of imbal­ances. So there’s a need to iden­tify these causes in order to assess the avail­able options. More­over, global imbal­ances mean that large cur­rent account deficits of some coun­tries are some­how met by large cur­rent account sur­pluses. Do the fac­tors of these sur­pluses come from trade or for­eign invest­ment? How come some coun­tries have suc­ceeded in cor­rect­ing cur­rent account deficits, but exter­nal debt is still grow­ing? Are adjust­ments less harm­ful with a float­ing exchange rate than with a fixed exchange rate or a com­mon currency?

    Keynote speaker

    • Guil­laume GAULIER (Banque de France, Uni­ver­sité Paris 1 Panthéon‐Sorbonne, CEPII)

    Work­shop Topics

    • Causes of exter­nal imbalances
    • Pri­vate or pub­lic sec­tor indebt­ed­ness and exter­nal imbalances
    • Exchange rates, com­pet­i­tive­ness and exter­nal imbalances
    • Exter­nal debt sustainability
    • The role of finan­cial flows in the adjust­ment of cur­rent accounts
    • Pol­icy options for rebalancing
    • Role of the exchange rate régime in adjustments

    Sci­en­tific committee

    • António AFONSO (Uni­ver­sity of Lisbon)
    • Michael ARGHY­ROU (Cardiff University)
    • Sophie BRANA (Uni­ver­sity of Bordeaux)
    • Cécile COUHARDE (Uni­ver­sity of Paris Ouest Nan­terre La Défense)
    • Chris­t­ian DREGER (DIW Berlin)
    • Balázs EGERT (OECD)
    • Éti­enne FAR­VAQUE (Uni­ver­sity Lille 1)
    • Flo­rence HUART (Uni­ver­sity Lille 1)
    • Jean‐Christophe POU­TINEAU (Uni­ver­sity of Rennes 1)
    • Hélèné RAY­MOND (Uni­ver­sity of Paris Ouest Nan­terre La Défense)
    • Piotr STANEK (Cra­cow Uni­ver­sity of Economics)
    • Fabien TRIP­IER (Uni­ver­sity Lille 1)
    • Lukas VOGEL (Euro­pean Commission)
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