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Global Imbalances: An Unconventional View

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  • V. Popov

Abstract

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.

Suggested Citation

  • V. Popov, 2013. "Global Imbalances: An Unconventional View," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 1.
    • Handle: RePEc:nos:voprec:y:2013:id:498
    DOI: 10.32609/0042-8736-2013-1-69-80
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    Cited by:

    1. is not listed on IDEAS
    2. Popov, Vladimir, 2024. "Balance of Payments, Exchange Rate, and Foreign Exchange Reserves in China since 1979," MPRA Paper 121627, University Library of Munich, Germany.
    3. Sundaram, Jomo Kwame & Popov, Vladimir, 2013. "Whither Income Inequalities?," MPRA Paper 52154, University Library of Munich, Germany.
    4. Vladimir Popov & Kwame Sundaram Jomo, 2020. "Exchange Rate Undervaluation and Growth in China," Development, Palgrave Macmillan;Society for International Deveopment, vol. 63(1), pages 120-125, March.
    5. 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.
    6. Popov, Vladimir, 2019. "Successes and failures of industrial policy: Lessons from transition (post-communist) economies of Europe and Asia," MPRA Paper 95332, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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