Government and private imbalances
Martin Wolf makes the case (again, but I suppose he's hoping one day it will stick) that government deficits have been caused by private surpluses. Incidentally on this analysis you can see why Germany might have had a terrible jolt at the start of the economic crisis but one that hasn't been felt so much inside the country as you might think.Labels: economics
posted by Matthew @ 11/04/2009 08:04:00 AM
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