Abstract
Global imbalance is a phenomenon that one country has a large current account deficit and some other countries have a large current account surplus. The expansion of global imbalance will aggravate trade frictions, especially between surplus countries and deficit countries, and promote trade protectionism in deficit countries, which will bring great risks to global economic growth and financial stability. This paper summarized the existing theories of global imbalances, analyzed the causes and mechanisms of global imbalances, studied the scale and concentration of global imbalances in different historical stages. The results showed that since 1980, the scale of global imbalances has experienced three stages: stability (1980-1995), continuous increase (1996-2008) and effective mitigation (2009-present), and the concentration of global imbalances has fluctuated. The United States has maintained its position as a major deficit country since 1980.
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