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Global imbalances and the financial crisis

  • Astley, Mark

    ()

    (Bank of England)

  • Giese, Julia

    ()

    (Bank of England)

  • Hume, Michael

    ()

    (Bank of England)

  • Kubelec, Chris

    ()

    (Bank of England)

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it and the macroeconomic context in which it developed. This article examines the contribution of international savings and investment imbalances to the crisis and how these imbalances have evolved since its onset, focusing on the UK experience as a deficit country over the past decade. It also briefly discusses some implications of the crisis for global imbalances over the medium term.

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Article provided by Bank of England in its journal Bank of England Quarterly Bulletin.

Volume (Year): 49 (2009)
Issue (Month): 3 ()
Pages: 178-190

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Handle: RePEc:boe:qbullt:0001
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