Crisis down to global imbalances: Obstfeld, Rogoff
The global imbalances of the 2000s and the global financial crisis are intimately connected, write Maurice Obstfeld and Kenneth Rogoff in a new research paper.
The analysis also notes that monetary policies should take greater account of financial-market developments than they have in the recent past, although effective financial regulation must be the first line of defence. The analysis shows that large current-account deficits call for a tightening of monetary policy.
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