A Fundamental Cause to Current Account Imbalances:The International Division of Labor Based on the Comparative Advantage
指出全球经常账户失衡的根本原因是基于制造业与金融比较优势的国际分工缺乏协调，并建议通过国际合作调整结构差异来缓解失衡，而不损害任何国家的福利。
Financial development alone cannot reveal the essential cause to global current account imbalances, because they are fundamentally unbalanced trade in goods and services.According to the international division based on the manufacturing-finance comparative advantage,countries whose manufacturing is stronger run current account surpluses,whereas countries whose finance is stronger ran deficits.This international division that lacks sufficient coordination is the source to global imbalances.Adjusting structural differences across countries through international cooperation is the key to cure global imbalances without impairing any country's welfare. As the deficit countries increase their manufacturing productivities,and the surplus countries increase their financial productivities,the unsustainability of the debts over deficit countries and the fiscal burdens over surplus countries,which all come from global imbalances,will be relieved.