Concerns and warnings

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Chapter 15 in All Fall Down, 2018, pp 107-109 from Edward Elgar Publishing

Abstract: The halting recovery of the US from a brief economic contraction at the beginning of the new millennium cast doubt on assumptions about the benefits of globalization. At a conference in November 2003, Federal Reserve chairman Alan Greenspan addressed concerns about global imbalances but thought they would be defused in time by market forces. By contrast, the June 2003 Annual Report of the Bank for International Settlements anticipated the possibility of a financial crisis and recession and the problems that would be caused by deflation and lagging demand. It endorsed the idea that monetary authorities should adopt unconventional means to provide liquidity when interest rates reach the zero bound, using any financial asset to supplement their balance sheets to contain deflation.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2018
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