Global Imbalances: An Unconventional View
Maintaining today’s global imbalances would help overcome the major disproportion of our times — income gap between developed and developing countries. This gap was widening for 500 years, since the XVI century, and only now, in recent 60 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 goes into debt, allowing developing countries to have trade surpluses that would help them develop faster. Previously, in the XVI—XX centuries, it was the West that developed faster, accumulating surpluses in the trade with "the rest of the world" and using them to buy assets in developing countries, while "the rest of the world" was going into debt. Now it is time for "the rest" to accumulate international assets and for the West to go into debt.
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References listed on IDEAS
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- Dani Rodrik, 2006.
"The social cost of foreign exchange reserves,"
International Economic Journal,
Taylor & Francis Journals, vol. 20(3), pages 253-266.
- Dani Rodrik, 2006. "The Social Cost of Foreign Exchange Reserves," NBER Working Papers 11952, National Bureau of Economic Research, Inc.
- Rodrik, Dani, 2006. "The Social Cost of Foreign Exchange Reserves," CEPR Discussion Papers 5483, C.E.P.R. Discussion Papers.
- Dani Rodrik, 2006. "The Social Cost of Foreign Exchange Reserves," Working Papers id:357, eSocialSciences.
- Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-329, June.
- Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
- Polterovich, Victor & Popov, Vladimir, 2003. "Accumulation of Foreign Exchange Reserves and Long Term Growth," MPRA Paper 20069, University Library of Munich, Germany. Full references (including those not matched with items on IDEAS)
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