Title: Historical perspective on global imbalances
First published: 2005
Description: "This paper takes an historical perspectives approach to the current episode of global imbalances.  I consider four historical episodes which may give some indications as to whether the adjustment to U.S.  current account deficit will lead to a 'benign' or 'gloomy' outlook.  The episodes are: the transfer of capital in the earlier era of globalization the late nineteenth century; the interwar gold exchange standard; Bretton Woods; and the 1977-79 dollar crisis.  I conclude that adjustment in earlier era of globalization has more resonance for the current imbalance than the other scenarios"--National Bureau of Economic Research web site.
Subjects: History, Balance of trade, Globalization
LC classification: HB1