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Global Imbalances and Power Imbalances

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Listed:
  • Christopher Clayton
  • Matteo Maggiori
  • Jesse Schreger

Abstract

We discuss the conditions under which global imbalances, such as China being a large foreign creditor and the United States being a large foreign debtor, might also generate power imbalances. We highlight possible theoretical channels and empirical measures that the future literature could investigate in a full treatment of this topic.

Suggested Citation

  • Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2026. "Global Imbalances and Power Imbalances," NBER Working Papers 34717, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:34717
    Note: AP EFG IFM ITI ME POL
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    1. Christopher Clayton & Matteo Maggiori & Jesse Schreger, 2025. "Putting Economics Back into Geoeconomics," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, National Bureau of Economic Research, Inc.
    2. Obstfeld, Maurice, 1986. "Rational and Self-fulfilling Balance-of-Payments Crises," American Economic Review, American Economic Association, vol. 76(1), pages 72-81, March.
    3. Matteo Maggiori & Chris Clayton & Jesse Schreger, 2024. "A theory of economic coercion and fragmentation," BIS Working Papers 1224, Bank for International Settlements.
    4. Calvo, Guillermo A, 1988. "Servicing the Public Debt: The Role of Expectations," American Economic Review, American Economic Association, vol. 78(4), pages 647-661, September.
    5. Emmanuel Farhi & Matteo Maggiori, 2018. "A Model of the International Monetary System," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(1), pages 295-355.
    6. repec:osf:socarx:j8wgx_v1 is not listed on IDEAS
    7. Harold L. Cole & Timothy J. Kehoe, 2000. "Self-Fulfilling Debt Crises," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 67(1), pages 91-116.
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    JEL classification:

    • F0 - International Economics - - General

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