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Biriani

Eichengreen Debunks Global Imbalances Myths

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A great paper by Barry Eichengreen, an economist who deserves serious respect, about how the present global imbalances might be resolved. He looks very critically at the main "new paradigm" explanations of why there is nothing to worry about, and concludes that they are not particularly convincing.

http://www.econ.berkeley.edu/~eichengr/matter.pdf

Anyone interested in international macroeconomics should read this - It's fairly short and for an academic paper it's quite accessible if you undertand the concepts.

Most interestingly, I believe, this paper has a lot of parallels with the HPC arguments which we see here.

- There is an imbalance, which people agree must be resolved

- The imbalance persists longer than expected, people start to doubt

- New arguments are proposed to explain how the imbalances can persist for ever

- On closer examination, the arguments are unpersuasive and mutually inconsistent

We could really do with someone of his caliber to do a similar balanced and detailed criticism of the all the myths in the housing market....

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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