Interview: Joseph Yam

How do you assess the impact of what has become a truly global financial crisis on the world economy over the coming months and years?

When you have the financial system of the world largest economies under considerable stress, to the point where it is not providing efficient and effective financial intermediation, you have to worry about the outlook for economic growth. I would also stress that the crisis goes beyond the financial system.

The sharp contraction in housing is having an even more

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