Industrial Revolutions and Global Imbalances

Alexander Monge-Naranjo and Kenichi Ueda

Discussion papers from Research Institute of Economy, Trade and Industry (RIETI)

Abstract: Based on historical data since 1845, we identify a stylized fact, namely, alternating waves in global imbalances generated by sequential industrial revolutions. We develop a new theory to explain this stylized fact. Our theory proposes a development-stage view for the optimal global imbalances. It explains the Lucas Paradox on capital flows as well as rises and falls in the external wealth of nations over time.

Pages: 24 pages
Date: 2017-05
New Economics Papers: this item is included in nep-his, nep-ino and nep-opm
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Persistent link: https://EconPapers.repec.org/RePEc:eti:dpaper:17067

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