The Global Imbalances as Constraints to the Economic Activity in the World Economy
- 1 Department of Applied Economics V, University of the Basque Country UPV-EHU, Spain
Publisher: Palgrave Macmillan London
ISSN: 1353-1158
ISBN: 978-1-349-43824-2, 978-1-137-02351-3
Year of publication: 2013
Pages: 122-164
Type: Book chapter
Abstract
Since the beginning of the 2000s, the phenomenon of the global imbalances has been the object of special attention by economists and the international institutions. As we will see later, before the crisis there was a clear division between those that interpreted these imbalances as a disequilibrium and those that argued that they were a new kind of world equilibrium (the so-called ‘Bretton Woods II’ hypothesis), where the countries with current account surpluses were financing the countries with current account deficits.