Gourinchas (2006), “An equilibrium model of “global imbalances” and low interest rates”, NBER Working Paper Series, No. 11996, January; Mendoza, E., V. Quadrini and J.-V. Rios-Rull (2007), “Financial integration, financial deepness and global imbalances”, NBER Working Paper Series, No. 12909, February.
See also the speech by L. Bini Smaghi entitled “Global capital and national monetary policies” and delivered at the European Economic and Financial Centre in London on 18 January 2007. 4  BIS Review 57/2007  IV.