The Research On The Global Trade Imbalances

In recent history, there have been three times of Global Trade Imbalances in total,and now the world is experiencing the third one, it’s also the most serious one since1960`s.It is mainly as The Trade Imbalances between the U.S., The Asian economiesand The Oil-exporting countries. According to IMF statistics, in1980, the world had atrade deficit of$13.9billion, accounting for0.11percent of GDP; by2007, globaltrade surplus of$413.1billion, accounting for0.68percent of GDP, which is30.7times that of1980. Then The Trade Imbalance has eased because the impact of theglobal financial crisis in2008, it had a trade deficit surplus of$324.4billion in2008,down21.5percent compared to2007. But after that, The world economic and tradesituation gradually restored, The Trade Imbalances again deteriorated rapidly. In2012,global trade surplus of up to$718.4billion, accounting for1.01percent of GDP, tradesurplus reached its highest point, Trade Imbalances is very serious. The Severe GlobalTrade Imbalances has brought serious problems, it triggered a series of political andeconomic problems; countries for their own national economic interests,TradeProtectionism rised. In such a background, find out the main reasons of Global TradeImbalances, then propose solutions to Global Trade Imbalances, became necessary.The present research on Global Trade Imbalances, or merely gave theoreticalqualitative analysis, lack of empirical testing; or only empirical analysis under acertain kind of influence factors, no comparative analysis of the reasons, it has somelimitations and one-sidedness. The solutions to Global Trade Imbalances they hadproposed were based on existing governance mechanisms and measure, noinnovation.This paper will have some innovations. Firstly, the paper will give systematicanalysis of the current situation of Trade Imbalances though specific historical data;then start from The international trade theory, to find out the main reasons of GlobalTrade Imbalances with the use of literature and qualitative analysis. These reasonsinclude the differences in labor costs, economic growth, trade competitiveness andsavings rates; Then using theoretical analysis and empirical analysis method toanalyze the main reasons of The Global Trade Imbalances; Finally use normativeanalysis method to analyze the advantages and disadvantages of existing TradeImbalances Governance Mechanisms, on this basis, propose solutions to The Global Trade Imbalances, which is innovatively.