@techreport{NBERw14521,
 title = "Financial Crash, Commodity Prices and Global Imbalances",
 author = "Ricardo J. Caballero and Emmanuel Farhi and Pierre-Olivier Gourinchas",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "14521",
 year = "2008",
 month = "December",
 URL = "http://www.nber.org/papers/w14521",
 abstract = {In this paper we argue that the persistent global imbalances, the subprime crisis, and the volatile oil and asset prices that followed it, are tightly interconnected. They all stem from a global environment where sound and liquid financial assets are in scarce supply.},
}