Once, fast-growing emerging countries ran balance of payments current account deficits and slower-growing advanced countries ran surpluses. That was as true of 19th century New Zealand and the United States as it was of 20th century Singapore and Korea. For the decade or more, the pattern has been the other way round.
the build-up of imbalances in the economy, involves the risk of subsequent prolonged downturns with low or negative growth. In three of the last four decades, the Danish economy has seen overheating followed by lengthy downturns lasting up to seven years.