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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 waswidening 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- andusing 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.



Item Type: MPRA Paper -

Original Title: Global imbalances: an unconventional view-

Language: English-

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

Subjects: O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O11 - Macroeconomic Analyses of Economic DevelopmentF - International Economics > F3 - International Finance > F34 - International Lending and Debt ProblemsF - International Economics > F0 - General > F02 - International Economic Order and IntegrationF - International Economics > F5 - International Relations, National Security, and International Political Economy > F59 - OtherF - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F43 - Economic Growth of Open Economies-





Author: Popov, Vladimir

Source: https://mpra.ub.uni-muenchen.de/28110/







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