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Global Imbalances

In: The Economic Crisis and the State of Economics

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  • Vijay Joshi

Abstract

The current global economic crisis was triggered by the implosion of the wild credit boom that preceded it. The boom cannot be explained without understanding the micro-level dysfunctional incentives that permeated the financial sector. But that is not the whole story. The boom was also the product of macro-economic forces. The macro story goes back to the ex ante “savings glut” (or more accurately an excess of ex ante savings over investment) that in the last ten years took hold of economies of various countries such as Germany, Japan, China and East Asia more generally, and the oil-exporting countries, at various times, and for various reasons.

Suggested Citation

  • Vijay Joshi, 2010. "Global Imbalances," Palgrave Macmillan Books, in: Robert Skidelsky & Christian Westerlind Wigström (ed.), The Economic Crisis and the State of Economics, chapter 0, pages 83-88, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-10569-0_8
    DOI: 10.1057/9780230105690_8
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