Oxford Review of Economic Policy volume 28, issue 3, P431-443 2012 DOI: 10.1093/oxrep/grs027 View full text
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W. M. Corden

Abstract: Global imbalances refer to current account surpluses and deficits. This is a form of international intertemporal trade, and the neoclassical approach suggests that there are gains from trade, and hence there may be no problem created by global imbalances.