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- Title
Global imbalances and the financial crisis.
- Authors
Astley, Mark; Giese, Julia; Hume, Michael; Kubelec, Chris
- 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.
- Subjects
UNITED Kingdom; FINANCIAL crises; CREDIT; MACROECONOMICS; ECONOMIC conditions in Great Britain, 1997-; SAVINGS; FINANCIAL markets; INTERNATIONAL trade
- Publication
Bank of England Quarterly Bulletin, 2009, Vol 49, Issue 3, p178
- ISSN
0005-5166
- Publication type
Article