Beyond The Global Financial Crisis: Central Banking In A New Global Financial System
Since the outbreak of the global crisis in mid 2007, there has been an extensive discussion on root causes. Some blame the greed and corruption of financial actors. Others put the blame on central bankers for easy money or regulators who remained idle as too much risks accumulated in financial markets. According to advanced economies, global imbalances have been caused by emerging surplus countries that keep their currency undervalued and their domestic consumption restricted. Surplus countries, on the other hand, held deficit countries responsible for imprudent and reckless overspending.