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Oracles, Heroes or Villains Published online by Cambridge University Press: 09 September 2019
The rise of private-sector liquidity as a dominant component in global liquidity markets has created a penetrating web of financial interdependence that links the fates of investors, financial institutions and national governments to one another. The booms and busts of the last thirty years provide vivid evidence that the behavior of each of these actors can generate uncertainties that affect capital flows, credit dynamics and price levels, all of which have potentially significant social, economic and political consequences. The dynamics are ongoing. The newly released International Monetary Fund (IMF) World Economic Outlook celebrates a broad-based global recovery, but it also warns that the postcrisis economic expansion has not been balanced and may have peaked in several major economies.
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