This paper integrates a few past inputs of the authors on the causes for the present international economic downturn and tries to identify some of its main structural causes. The deficit of the balance of payments current account, in fact, with the subsequent creation of public and private certificates of indebtedness, may seem to have generated the conditions for the turmoil on the financial and real markets through the creation of sometimes disputable financial instruments.
Balance of Payments Deficits and the International financial Downturn : a few alternative Assumptions / G. Goisis, P. Parravicini - In: Micro and macroeconomic effects of financial innovation / [a cura di] G. Goisis, P. Parravicini. - Milano : LED, 2010 Feb. - ISBN 9788879164450. (( Intervento presentato al 8. convegno Round table of Costantino Bresciani Turroni foundation tenutosi a Milano nel 2009.
Balance of Payments Deficits and the International financial Downturn : a few alternative Assumptions
G. GoisisPrimo
;P. ParraviciniUltimo
2010
Abstract
This paper integrates a few past inputs of the authors on the causes for the present international economic downturn and tries to identify some of its main structural causes. The deficit of the balance of payments current account, in fact, with the subsequent creation of public and private certificates of indebtedness, may seem to have generated the conditions for the turmoil on the financial and real markets through the creation of sometimes disputable financial instruments.
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