Cross-Border Banking Flows as a Metric for the Global Financial Cycle
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Perhaps Nomi Prins did not choose the title of her piece "The next financial crisis will be worse than the last." But the idea that there is going to be another financial crisis in the center of the world economy in the near term even vaguely comparable in virulence to the GFC has, as we shall see, no basis in reality. The reason is straightforward. Financial crises are denouements of credit booms,
Cross-Border Banking Flows as a Metric for the Global Financial Cycle
Cross-Border Banking Flows as a Metric for…
Cross-Border Banking Flows as a Metric for the Global Financial Cycle
Perhaps Nomi Prins did not choose the title of her piece "The next financial crisis will be worse than the last." But the idea that there is going to be another financial crisis in the center of the world economy in the near term even vaguely comparable in virulence to the GFC has, as we shall see, no basis in reality. The reason is straightforward. Financial crises are denouements of credit booms,