| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7616 |
| DP7616 Services Trade and Policy | |
| Joseph Francois | |
| 发表日期 | 2009-12-20 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper makes a case that the global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both have their origins in economic policies followed in a number of countries in the 2000s and in distortions that influenced the transmission of these policies through U.S. and ultimately through global financial markets. In the U.S., the interaction among the Fed?s monetary stance, global real interest rates, credit market distortions, and financial innovation created the toxic mix of conditions making the U.S. the epicenter of the global financial crisis. Outside the U.S., exchange rate and other economic policies followed by emerging markets such as China contributed to the United States? ability to borrow cheaply abroad and thereby finance its unsustainable housing bubble. |
| 主题 | International Macroeconomics |
| 关键词 | Current account deficit Financial crisis Financial reform Global imbalances Housing bubble |
| URL | https://cepr.org/publications/dp7616 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536453 |
| 推荐引用方式 GB/T 7714 | Joseph Francois. DP7616 Services Trade and Policy. 2009. |
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