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  5. Global Imbalances and Power Imbalances

AEA Papers and Proceedings

ISSN 2574-0768 (Print) | ISSN 2574-0776 (Online)

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Global Imbalances and Power Imbalances

  • Christopher Clayton
  • Matteo Maggiori
  • Jesse Schreger
AEA Papers and Proceedings
vol. 116, May 2026
(pp. 133–137)
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Abstract

We discuss the conditions under which global imbalances, such as China being a large foreign creditor and the United States being a large foreign debtor, might also generate power imbalances. We highlight possible theoretical channels and empirical measures that the future literature could investigate in a full treatment of this topic.

Citation

Clayton, Christopher, Matteo Maggiori, and Jesse Schreger. 2026. "Global Imbalances and Power Imbalances." AEA Papers and Proceedings 116: 133–137. DOI: 10.1257/pandp.20261017

Additional Materials

JEL Classification

  • E44 Financial Markets and the Macroeconomy
  • F31 Foreign Exchange
  • F34 International Lending and Debt Problems
  • F51 International Conflicts; Negotiations; Sanctions
  • H63 National Debt; Debt Management; Sovereign Debt
  • N24 Economic History: Financial Markets and Institutions: Europe: 1913-
  • N44 Economic History: Government, War, Law, International Relations, and Regulation: Europe: 1913-