Global imbalances have evolved in waves over the past half century, widening significantly in the 1980s, the 2000s, and again in the wake of the COVID-19 shock. While past episodes were shaped by a combination of exchange rate adjustments and shifts in domestic demand, most notably under the 1985 Plaza Accord, their resolution has often been uneven or abrupt. The imbalances of the 2000s, for example, ended not through coordinated policy action but with the US housing crash and the Global

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