Global Imbalances and the Financial Crisis

14 Pages Posted: 26 Sep 2009

See all articles by Mark S. Astley

Mark S. Astley

Bank of England - Monetary Analysis

Julia Giese

Bank of England

Michael J. Hume

MPC Unit, Bank of England

Chris Kubelec

Bank of England

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.

Suggested Citation

Astley, Mark S. and Giese, Julia and Hume, Michael J. and Kubelec, Chris, Global Imbalances and the Financial Crisis (September 21, 2009). Bank of England Quarterly Bulletin 2009 Q3, Available at SSRN: https://ssrn.com/abstract=1478419

Mark S. Astley (Contact Author)

Bank of England - Monetary Analysis ( email )

Threadneedle Street
London EC2R 8AH
United Kingdom

Julia Giese

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Michael J. Hume

MPC Unit, Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Chris Kubelec

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

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