TY  - JOUR
AU  - Caballero,Ricardo J.
AU  - Farhi,Emmanuel
AU  - Gourinchas,Pierre-Olivier
TI  - Financial Crash, Commodity Prices and Global Imbalances
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 14521
PY  - 2008
Y2  - December 2008
UR  - http://www.nber.org/papers/w14521
L1  - http://www.nber.org/papers/w14521.pdf
N1  - Author contact info:
Ricardo J. Caballero
MIT
Department of Economics
Room E52-373a
Cambridge, MA 02142-1347
Tel: 617/253-0489
Fax: 617/253-6915
E-Mail: caball@mit.edu

Emmanuel Farhi
Harvard University
Department of Economics
Littauer Center
Cambridge, MA 02138
Tel: 617/496-1835
Fax: 617/495-8570
E-Mail: efarhi@harvard.edu

Pierre-Olivier Gourinchas
Department of Economics
University of California, Berkeley
530 Evans Hall #3880
Berkeley, CA 94720-3880
Tel: 510/643-0720
Fax: 510/642-6615
E-Mail: pog@econ.berkeley.edu
AB  - 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.
ER  -