TY  - JOUR
AU  - Bordo,Michael D.
TI  - Historical Perspective on Global Imbalances
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 11383
PY  - 2005
Y2  - May 2005
UR  - http://www.nber.org/papers/w11383
L1  - http://www.nber.org/papers/w11383.pdf
N1  - Author contact info:
Michael D. Bordo
Department of Economics
Rutgers University
New Jersey Hall
75 Hamilton Street
New Brunswick, NJ 08901
Tel: 732/822-7152
Fax: 732/932-7416
E-Mail: bordo@econ.rutgers.edu
AB  - 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.
ER  -