The reason is not hard to fathom. Hobbled by severe damage to private and public-sector balance sheets, and with policy interest rates at or near zero, post-bubble economies have been mired in a classic “liquidity trap.” They are more focused on paying down massive debt overhangs built up before the crisis than on assuming new debt and boosting aggregate demand.
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Shinzo Abe's Monetary-Policy Delusions by Stephen S. Roach - Project Syndicate - 0 views
China's Last Soft Landing? by Stephen S. Roach - Project Syndicate - 0 views
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