BIS Economic Adviser Stephen Cecchetti’s Sep 2011 speech on current accounts and financial flows summarises the key issues on global imbalances. To reduce the risk of disorderly markets, the burden of adjustment falls on nominal exchange rates and structural reforms.
As a warning note on the data, also see the following article on statistical black holes.
Exports to Mars, The Economist, 12 Nov 2011
Further references below:
Saving Imbalances and the Euro Area Sovereign Debt Crisis, FRB New York, Sep 2011
Causes and Consequences of Global Imbalances: Perspective from Developing Asia, Asian Development Review, 2009
The G20 and global imbalances, Barry Eichengreen, VoxEU, Jun 2011
A framework for assessing global imbalances, ECB Occasional Paper No 78, Jan 2008
Global Imbalances and the Financial Crisis: Products of Common Causes, Obstfeld & Rogoff, Nov 2009
Global Imbalances: In Midstream? Blanchard & Milesi-Ferretti, IMF Staff Position Note, Dec 2009
Macroeconomic Imbalance Procedure, European Commission