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Global imbalances: an unconventional view

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  • Popov, Vladimir

Abstract

Maintaining 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 Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 28110.

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Date of creation: May 2010
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Handle: RePEc:pra:mprapa:28110

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Keywords: Global imbalances; China; USA; economic growth; acumulation of foreign exchange reserves; debt;

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References

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  1. Dani Rodrik, 2006. "The Social Cost of Foreign Exchange Reserves," Working Papers id:357, eSocialSciences.
  2. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
  3. Polterovich, Victor & Popov, Vladimir, 2003. "Accumulation of Foreign Exchange Reserves and Long Term Growth," MPRA Paper 20069, University Library of Munich, Germany.
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Cited by:
  1. Horvath, Denis & Sulikova, Veronika & Gazda, Vladimir & Sinicakova, Marianna, 2013. "The distance-based approach to the quantification of the world convergences and imbalances - comparisons across countries and factors," MPRA Paper 45033, University Library of Munich, Germany.
  2. Sundaram, Jomo Kwame & Popov, Vladimir, 2013. "Whither Income Inequalities?," MPRA Paper 52154, University Library of Munich, Germany.

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