Financial Crash, Commodity Prices and Global Imbalances
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.
Published Versions
Financial Crash, Commodity Prices, and Global Imbalances Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas Brookings Papers on Economic Activity , Vol. 2008, (Fall, 2008) , pp. 1-55
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