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.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
11383.
Length: Date of creation: May 2005 Date of revision: Handle: RePEc:nbr:nberwo:11383
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Find related papers by JEL classification: F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
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References listed on IDEAS 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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"Is the crisis problem growing more severe?,"
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Maurice Obstfeld, 1993.
"The Adjustment Mechanism,"
NBER Chapters,
in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 201-268
National Bureau of Economic Research, Inc.
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