Abstract

Interpretation from the perspective of the historical development of global imbalances can be defined as the persistent global imbalances, the current scale is not balanced and financial imbalances. Historically there have been two of the largest global imbalances, which lasted until World War I nearly half the world's imbalances and since the 1990s until 2007, before the outbreak of the financial crisis of the contemporary global imbalances. The external imbalance is sustained by the national economic systems, economic policy, the global economic system system system and the global political system and other important systemic factors, it has brought the global economy a great threat to sustainable development, and eventually lead to crisis. The problem of global imbalances could be regarded as persistent, sweeping imbalances of current account and financial account from the historical perspective. There were two largest global imbalances, one lasted about a half century before the First World War, and the other lasted from 1990s to the financial crisis of 2007. There were several reasons for the long term external imbalance, such as the national economy policies, global economic system, global political system and other important systemic factors which led the sustained development of global economy to the economic crisis