Geoeconomics and the Balance of Payments: A Reading List

Below is a rough reading list assembled by the panelists in the August 13, 2020 discussion on “Geoeconomics and the Balance of Payments.”

A recording of the discussion—moderated by Adam Tooze and featuring Mona Ali, Daniela Gabor, Izabella Kaminska, Matt Klein, JW Mason, Michael Pettis, Brad Setser, Jon Sindreu, Colby Smith, and Nathan Tankus—can be found here.

Suggested reading

• Mona Ali: “Global imbalances and asymmetric returns to US foreign assets” (2015)
• Matt Klein: “Why Americans Should Want Less Foreign Investment” (2019)
• Matt Klein and Michael Pettis: Trade Wars Are Class Wars (2020)
• Michael Pettis: “Washington Should Tax Capital Inflows” (2019)
• Brad Setser: “Capital Flows into the United States Ahead of the Great North Atlantic Financial Crisis” (2018)
• Nathan Tankus: “Can Taxing Capital Flows Close The United States’s Trade Deficit?” (2020)

Further reading

• Tobias Adrian and Hyun Song Shin: “Changing Nature” (2010)
• Ben Bernanke: “The Global Saving Glut and the US Current Account Deficit” (2005)
• Claudio Borio and Piti Disyatat: “Global imbalances and the financial crisis: link or no link?” (2011)
• Claudio Borio and Piti Disyatat: “Capital flows and the current account: Taking financing (more) seriously” (2015)
• IMF: “The Liberalization and Management of Capital Flows: An Institutional View” (2012)
• IMF: “The IMF’s Institutional View on Capital Flows in Practice” (2018)
• David A. Levy: “Bubble or Nothing” (2019)
• Atif Mian, Ludwig Straub, Amir Sufi: “The Saving Glut of the Rich and the Rise in Household Debt” (2020)
• Zoltan Pozsar: “Shadow Banking: The Money View” (2014)
• Hélène Rey: “Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence” (2013)
• Hyun Song Shin: “Global Banking Glut” (2011)

Further reading from the panelists

• Mona Ali: “Brexit and the reemergence of the balance of payments as a policy constraint” (2018)
• Daniela Gabor: “Critical macro-finance: A theoretical lens” (2020)
• Daniela Gabor: “Managing capital accounts in emerging markets: lessons from the global financial crisis” (2012)
• Matt Klein: “What Endogenous Money Means—and Doesn’t Mean—for the Balance of Payments”
• Matt Klein: “Who’s Really to Blame for America’s Trade Deficit?” (2019)
• Matt Klein: “The BIS thinks capital controls are dumb” (2017)
• Matt Klein: “European leaders seem determined to remake the “global savings glut” on a massive scale” (2017)
• Matt Klein: “If Spain didn’t need capital controls, why would anyone?” (2016)
• Matt Klein: “Michael Pettis explains the euro crisis (and a lot of other things, too)” (2015)
• JW Mason: “Balance of Payment Constraints, the U.S. Current Account, and the Crisis of 2008” (2014)
• JW Mason: “Exchange Rates and Trade Flows in Asia” (2013)
• JW Mason: “Demand and Competitiveness: Germany and the EU” (2012)
• JW Mason: “Krugman and China” (2010)
• Brad Setser: “The Return of the Savings Glut” (2016)
• Colby Smith: “Dollar blues: why the pandemic is testing confidence in the US currency” (2020)
• And, some recommended listening: Matt Klein with David Beckworth (2020); Jon Sindreu with David Beckworth (2020)