1 GLOBAL FINANCIAL IMBALANCES Towards a new Bretton Woods? Rachel Lomax Deputy Governor, Bank of England Chatham House Conference, 24 January 2006.

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Presentation transcript:

1 GLOBAL FINANCIAL IMBALANCES Towards a new Bretton Woods? Rachel Lomax Deputy Governor, Bank of England Chatham House Conference, 24 January 2006

2 US (gross) saving and investment Source: IMF World Economic outlook Public savingsHousehold savings Corporate savings InvestmentSaving % GDP

3 Foreigners’ net acquisition of US assets Source: Board of Governors of the Federal Reserve System.

4 US current account deficit financing Source: Bureau of Economic analysis.

5 Global current accounts Source: IMF. Note: 2005F figures are IMF forecasts. Oil exporters include the 10 largest oil exporters in 2004 (Saudi Arabia, Russia, Norway, Iran, United Arab Emirates, Nigeria, Kuwait, Venezuela, Mexico and Algeria).

6 Financial globalisation trends Industrial countries, Source: IMF World Economic Outlook (April 2005, Chapter 3)

7 US net international investment position and net income receipt Source: Bureau of Economic analysis.

8 Top reserve holders of the world Source: IMF World Economic Outlook. Note: These are the largest reserve holders as of September Hong Kong India Russia Korea Taiwan China Japan US$ billion