13 - Joseph Gagnon on Quantitative Easing in the United States and Abroad
Macro Musings with David Beckworth
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What's Driving the Long Term Debt Crisis?
Long term bond yields have been coming down for 30 years, from peak in the early eighties. They are now at record low levels. The emerging mark s used to borrow from the advance economies to develop, and now they lend. And that's a big shift, because it's actually gone from % world g p borrowing to one or two% of g p lending. So that holds down interstraits and advance economies as well as advance economies.
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