Historical Perspective on Global Imbalances

Michael David Bordo ()

No 11383, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: F02 F32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his
Date: 2005-05
Note: DAE ME
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