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Global imbalances in the XIX, XX and the XXI centuries

Eugeni, S.

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Abstract

We establish a new stylized fact: while the current account and the trade balances are positively correlated during the second globalization (1990s–2010s), they were negatively correlated during the first globalization (1870s–1910s). We show that the reason behind is that the world interest rate is currently low relatively to the world growth rate due to a “global saving glut”, while this was not the case during the first globalization.

Citation

Eugeni, S. (2016). Global imbalances in the XIX, XX and the XXI centuries. Economics Letters, 145, 69-72. https://doi.org/10.1016/j.econlet.2016.05.018

Journal Article Type Article
Acceptance Date May 18, 2016
Online Publication Date Jun 1, 2016
Publication Date Aug 1, 2016
Deposit Date Jun 6, 2016
Publicly Available Date Dec 1, 2017
Journal Economics Letters
Print ISSN 0165-1765
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 145
Pages 69-72
DOI https://doi.org/10.1016/j.econlet.2016.05.018
Public URL https://durham-repository.worktribe.com/output/1381423

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