Global Imbalances: Non-conventional View
AbstractMaintaining today’s global imbalances would help to overcome the major disproportion of our times – income gap between developed and developing countries. This gap was widening for 500 years and only now, in the recent 50 years, there are some signs that this gap is starting to decrease. The chances to close this gap sooner rather than later would be better, if the West would go into debt, allowing developing countries to have trade surpluses that would help them develop faster. Previously, in 16-20th century, it was the West that was developing faster, accumulating surpluses in trade with “the rest” and using these surpluses to buy assets in developing countries, while “the rest” were going into debt. Now it is time for “the rest” to accumulate assets and for the West to go into debt.
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Bibliographic InfoPaper provided by Center for Economic and Financial Research (CEFIR) in its series Working Papers with number w0160.
Length: 16 pages
Date of creation: May 2010
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-02-19 (All new papers)
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- NEP-CIS-2011-02-19 (Confederation of Independent States)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"Domestic Saving and International Capital Flows,"
Royal Economic Society, vol. 90(358), pages 314-29, June.
- Sundaram, Jomo Kwame & Popov, Vladimir, 2013. "Whither Income Inequalities?," MPRA Paper 52154, University Library of Munich, Germany.
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