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Historical Perspective on Global Imbalances

Michael D. Bordo

出版	National Bureau of Economic Research, 2005
URL	http://books.google.com.hk/books?id=SWIdAQAAMAAJ&hl=&source=gbs_api

註釋

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.