Deleveraging? What Deleveraging?
Buttiglione, Luigi / Lane, Philip R. / Reichlin, Lucrezia
The 17th Geneva Report on the World Economy examines the causes of the unusually low interest rates seen in recent years, asks whether they are likely to persist, and explores the possible consequences should that happen. On the causes, the report argues that demographic developments and Chinese financial integration have been important drivers, reinforced since the crisis by a reluctance to invest and a shift in investor preferences towards s...