Globalization and imbalances in historical perspective
Michael Bordo ()
Policy Discussion Papers, 2006, issue Jan
Global imbalances associated with the U.S. current account deficit have given rise to speculation about the nature of the impending adjustment: Will it be smooth and gradual, or will it be sudden and costly? This paper summarizes the two views and then considers three historical periods with similar pressures--an earlier era of globalization from 1870 to 1914, the interwar gold standard, and Bretton Woods. A comparison of the periods and their outcomes suggests current global imbalances might resolve themselves quietly.
Keywords: Globalization; International economic integration (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed
Downloads: (external link)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.clevelandfed.org/Research/PolicyDis/PDP13.pdf [301 Moved Permanently]--> https://www.clevelandfed.org/Research/PolicyDis/PDP13.pdf [301 Moved Permanently]--> https://www.clevelandfed.org/research/policydis/pdp13.pdf)
https://fraser.stlouisfed.org/scribd/?item_id=4956 ... v_pdp_200601_013.pdf
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcpd:y:2006:i:jan:n:13
Ordering information: This journal article can be ordered from
Access Statistics for this article
More articles in Policy Discussion Papers from Federal Reserve Bank of Cleveland Contact information at EDIRC.
Bibliographic data for series maintained by 4D Library ().