Financial integration and differences in savings behaviour could treble global imbalances by 2040, Andy Haldane, the executive director for financial stability at the Bank of England, said in a speech published Tuesday.
Cross-country GDP convergence was one structural factor which would shape the path of financial integration, Haldane said, noting that the convergence of international income levels is a well established empirical phenomenon. "Accompanying this GDP convergence is likely to be a c
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