Global Imbalances and the Financial Crisis
14 Pages Posted: 26 Sep 2009
Date Written: September 21, 2009
Abstract
The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it and the macroeconomic context in which it developed. This article examines the contribution of international savings and investment imbalances to the crisis and how these imbalances have evolved since its onset, focusing on the UK experience as a deficit country over the past decade. It also briefly discusses some implications of the crisis for global imbalances over the medium term.
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