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Sources of Financial Instability: Challenges for Monetary and Fiscal Policy | Claudio Borio

Hidden Forces

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The Third Elements of the Recession

The third element to which we have paid particular attention in our work is the globalization of the overeal economy. And by that i mean primarily greater trade integration, greater integration the global omy. The entry of former commonist countries, the entry of china, the liberalizationemerging marked economies into the global trading system put persistent downward pressure on inflation. Inflationary pressures meant that you have even less of a reason to raise interest rates than you had before.

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