MGI_Farewell_to_cheap_capital_full_report - McKinsey Global...

McKinsey Global Institute
December 2010
Farewell to cheap capital?
The implications of
long‑term shifts in global
investment and saving

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Copyright © McKinsey & Company 2010

Richard Dobbs
Susan Lund
Charles Roxburgh
James Manyika
Alex Kim
Andreas Schreiner
Riccardo Boin
Rohit Chopra
Sebastian Jauch
Hyun Min Kim
Megan McDonald
John Piotrowski
McKinsey Global Institute
December 2010
Farewell to cheap capital?
The implications of
long‑term shifts in global
investment and saving

4
Preface
Farewell to cheap capital? The implications of long-term shifts in global investment
and saving is the latest research by the McKinsey Global Institute (MGI) on the outlook
for global capital markets in the wake of the 2008 financial crisis and subsequent
recession. Among the lingering effects of the downturn are the very low real interest