“Again? Didn’t we just have this debate?” This is how the opening chapter of a collection of essays published by the Centre for Economic Policy Research, on “The New Global Imbalances”, starts. Yes, we did. We did so in the 1980s, in the 2000s and now, once again, in the 2020s.Once roughly every 20 years, it appears, the issue comes to the fore. This is so for two good reasons. One is that current account imbalances drive protectionist sentiment. The other is that they are harbingers of financial crisis. In the 1980s, protectionist sentiment rose against Japan, which is also where the financial crisis struck. In the 2000s, the era of “the China shock”, protectionism began to rise against China and a financial crisis hit the western world. In the 2020s, the protectionism is already here, in the US above all. But the financial crisis is not — or at least not yet.
“又来了？我们不是刚讨论过这个问题吗？”manbetx20客户端下载 政策研究中心(CEPR)出版的论文集《新的manbetx app苹果 失衡》(The New Global Imbalances)的开篇问道。没错，讨论过。1980年代、2000年代我们都讨论过，如今在2020年代再次讨论。