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Concerns and warnings

In: All Fall Down

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Abstract

The halting recovery of the US from a brief economic contraction at the beginning of the new millennium cast doubt on assumptions about the benefits of globalization. At a conference in November 2003, Federal Reserve chairman Alan Greenspan addressed concerns about global imbalances but thought they would be defused in time by market forces. By contrast, the June 2003 Annual Report of the Bank for International Settlements anticipated the possibility of a financial crisis and recession and the problems that would be caused by deflation and lagging demand. It endorsed the idea that monetary authorities should adopt unconventional means to provide liquidity when interest rates reach the zero bound, using any financial asset to supplement their balance sheets to contain deflation.

Suggested Citation

  • ., 2018. "Concerns and warnings," Chapters, in: All Fall Down, chapter 15, pages 107-109, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18346_15
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