IMF's Rajan on the Greenspan era

In the speech 'The Greenspan era: Lessons for the future' given on 27 August Raghuram Rajan of the IMF said that financial markets are at present in extremely healthy shape.

Yet it is at such times that excesses typically build up, Rajan concluded. "One source of concern is housing prices that are at elevated levels around the globe. While the techniques and instruments to absorb fluctuations have improved, there is uncertainty about how they will perform in a serious downturn. Even as

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