The former chief editor of “The Economist” Geoffrey Crowther published a great work on the development of balance of payments and current accounts over the long-term. It divides development into six phases, which are analogous to Shakespeare’s seven phases of life.The seven stages are:
Young debtor nation,
Mature debtor nation,
Debt repayment nation,
Young creditor nation,
Mature creditor nation,
Credit disposition /Asset Liquidation nation
and the back to start stage
Read our discussion and explanations on Crowther’s Balances and Imbalances of Payment. This second page cites the full text on this topic from the METI, the Japanese Ministry of Finance, Trade and Industry.
METI Paper
The METI paper contains more details in the view point of 2002. Many things changed, e.g. the young creditor nation France of 2001 has arrived in stage 7 and is returning to stage 1.

here the direct link to the paper

Literature

Bazbarich, M.J. (1978). “Optimal Growth and Stages in the Balance of Payments” Journal of International Economics 8.

Crowther, G. (1957). Balances and Imbalances of Payments Cambridge, MA Harvard, University Press.

Fischer, S. and J. Frenkel (1974): “Economic Growth and the Stages of the Balance of Payments”. In G. Horwich and P.A. Samuelson (eds.) Trade, Stability and Macroeconomics, New York Academic Press.

Halevi, N. (1971).

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