Europe contributed to global savings glut: Fed paper
A Federal Reserve paper, published on Monday and co-authored by Ben Bernanke, the chairman of the Federal Reserve, finds evidence that European demand for US securities contributed to the global savings glut that led to the financial crisis.
Bernanke, Carol Bertaut, Laurie DeMarco, and Steven Kamin, the paper's authors, investigate the effects of capital inflows to the US on longer-term interest rates from 2003 to 2007 and the implications for US yields of the portfolio preferences of foreign
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