Globální nerovnováhy

Abstract

The Ph.D. thesis is focused on global imbalances. Theme of the thesis resulted primarily from the current problem: an unsolved and growing global imbalance can cause a range of macroeconomic disturbances that, due to global financial markets, are becoming a global problem. The global imbalance is defined as the external positions of systemically important economies, which show the distortion or pose risks for the global economy. The aim of the thesis is to identify the major factors that influence the external imbalances of the selected economies, and thus the global imbalances in current international and business arrangements. These factors will be identified for the United States of America (the country with the largest current account deficit of balance of payments) and China (the country with the largest surpluses of current account). At first a theoretical framework of analyzed issues is defined in the thesis including the definition of basic terms, a history of global imbalances, causes of and reasons for monitoring the global imbalances. The analytical part consists of several research studies dealing with analysis of global imbalances. Further a correlation analysis is performed between the explanatory variables (determinants selected based on analysis of primary and secondary sources) and dependent variables (a current account balance, or a net investment position of selected economies). Based on this analysis, factors that most influence the dependent variables are identified. Based on theoretical and analytical parts recommendations for economic policy of individual countries are proposed, which should lead to reducing of external imbalances in these countries and thus reducing the global imbalances. The result of the thesis is the summarization and the systematization of existing knowledge, identification of factors affecting the external imbalance of selected economies and recommendations for economic policy of these countries leading to the reduction of global imbalances in the world.