Historical perspective on global imbalances

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

Series Statement

• NBER working paper series ;
• working paper 11383
• Working paper series (National Bureau of Economic Research : Online) ;
• working paper no. 11383.

Links

• http://papers.nber.org/papers/W11383
• URL