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Financial imbalances, the IMF and fiscal tea leaves
January 25th, 2011
Economics is the art of reading tea leaves while taking refuge behind numbers. This truth appears to be increasingly fashionable in the West as the ‘global’ financial crisis transpires to be a western financial and economic crisis. A recent IMF paper entitled “What Caused the Global Financial Crisis - Evidence on the Drivers of Financial Imbalances 1999 – 2007” is a welcome contribution to the tea leaf reading jamboree. It has been argued that low interest rates in the US were perhaps the most important root cause for the ensuing financial frenzy. This IMF paper does not deny this theory,...
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