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Deleveraging? What Deleveraging?


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Interesting read (as such things go):




Contrary to widely held beliefs, the world has not yet begun to delever and the

global debt-to-GDP is still growing, breaking new highs


Deleveraging and slower nominal growth are in many cases

interacting in a vicious loop, with the latter making the deleveraging process

harder and the former exacerbating the economic slowdown. Moreover, the

global capacity to take on debt has been reduced through the combination of

slower expansion in real output and lower inflation.

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