Chart 10: Global current account imbalances and gross capital flows Total current account surpluses (a) BIS bank outflows (c) Gross capital outflows Per cent of world GDP (inverted) 20  Total current account deficits (lhs) (b) BIS bank inflows (lhs) (d) Gross capital inflows (lhs) Per cent of world GDP 20  15  15  10  10  5 0 + 5  5 + 0 5  10  10  15  15  20 1980  20 1984  1988  1992  1996  2000  2004  2008  2012  Sources: Bank for International Settlements, International Monetary Fund World Economic Outlook and Bank calculations. (a) Sum of global current account surpluses. (b) Sum of global current account deficits. (c) Sum of global net purchases of foreign assets by residents. (d) Sum of global net purchases of domestic assets by foreigners. BIS central bankers’ speeches  11  Chart 11: Global imbalances Other current account deficit countries  China and emerging market Asian economies  Germany and Japan  Oil exporters  United States  Rest of the world  Cyclically adjusted, assuming substantial supply impact  Cyclically adjusted, assuming little supply impact  Per cent of world GDP  4 3 2 1 0 -1 -2 -3  Forecast  -4 1998  2000  2002  2004  2006  2008  2010  2012  2014  2016  Source: International Monetary Fund World Economic Outlook, April 2013.
Broadbent, B (2012) “Productivity and the allocation of resources”, Speech at the Durham Business School. Cecchetti, S G (2011) “Global imbalances: current accounts and financial flows”, Remarks prepared for the Myron Scholes Global Markets Forum, University of Chicago. Dale, S (2013) “Inflation and growth: what role for monetary policy?”, Speech given to the Asian Business Association and Chinese Business Association of London Chamber of Commerce and Industry. King, M A (2000) “Balancing the economic see-saw”, Speech. King, M A (2006), Speech given at a dinner for Kent Business Contacts in conjunction with the Kent Messenger Group/Kent Business. Miles, D (2012) “Monetary policy and the damaged economy”, Speech given at the Society of Business Economists Annual Conference, London. Shin, H S (2012) “Global banking glut and loan risk premium” Mundell-Fleming Lecture, presented at the 2011 IMF Annual Research Conference. Tucker, P M W (2012) “National balance sheets and macro policy: lessons from the past”, Speech at the Society of Business Economists” Annual Dinner. 6  BIS central bankers’ speeches  Chart 1: Saving ratios of different groups of households(a) Per cent 30 25  Low-debt mortgagors (28%) (b)  20 15  Outright owners (29%)  10  Total LCF survey  5  Renters (19%)  0 High-debt mortgagors (25%) (b)  2002  2003  2004  2005  2006  2007  2008  2009  2010  -5 -10 2011  Sources: Living Costs and Food (LCF) survey and Bank calculations.