Imbalances Can't Go on Forever

摘要

The World Economy Continues To Look Strong Despite recent hiccups in international capital markets and the recalcitrance of high oil prices. Its almost certain that for the third year in a row world output will grow around 5%, with record low inflation worldwide. Yet economists are increasingly worried about the possibility of a serious economic setback, if not this year then sometime in the not-so-distant future. The culprit at the root of the latest bouts of insomnia and divided opinions torturing my fellow members of., the dismal profession is the situation dubbed "global imbalances."