The Shifts and the Shocks
What We've Learned--and Have Still to Learn--from the Financial Crisis
by:
Martin Wolf
in:
Economics
Summary:
The book analyzes the underlying causes and the aftermath of the global financial crisis, examining the economic, financial, and policy shifts that led to the turmoil. It also discusses the lessons learned from the crisis and the reforms needed to prevent a similar event in the future, critiquing the responses of governments and financial institutions.
Key points:
1. Global Imbalances: Wolf notes that high savings in countries like China and Germany, paired with heavy spending in the US, led to an unstable financial system and cross-border capital flows, sparking credit booms and inflating asset prices.
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