Third, I shall explore a possible agenda for analysis to enable better understanding of global imbalances. I. Global perspective on global imbalances  (a)  Essential feature of the global imbalances  It is useful to understand that in different countries the existence of a current account surplus or deficit is inevitable among economies at any given time.
In particular, one of the arguments in favor of global integration is that capital may flow from developed economies to the capital starved developing economies which implies that there would be current account deficits in the latter.