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MGI_Farewell_to_cheap_capital_full_report

MGI_Farewell_to_cheap_capital_full_report - McKinsey Global...

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McKinsey Global Institute December 2010 Farewell to cheap capital? The implications of long‑term shifts in global investment and saving
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The McKinsey Global Institute The McKinsey Global Institute (MGI), established in 1990, is McKinsey & Company’s business and economics research arm. MGI’s mission is to help leaders in the commercial, public, and social sectors develop a deeper understanding of the evolution of the global economy and to provide a fact base that contributes to decision making on critical management and policy issues. MGI research combines two disciplines: economics and management. Economists often have limited access to the practical problems facing senior managers, while senior managers often lack the time and incentive to look beyond their own industry to the larger issues of the global economy. By integrating these perspectives, MGI is able to gain insights into the microeconomic underpinnings of the long‑term macroeconomic trends impacting business strategy and policy making. For nearly two decades, MGI has utilized this “micro‑to‑macro” approach in research covering more than 20 countries and 30 industry sectors. MGI’s current research agenda focuses on three broad areas: productivity, competitiveness, and growth; the evolution of global financial markets; and the economic impact of technology. Recent research has examined a program of reform to bolster growth in Europe; Africa’s economic potential; debt and deleveraging; the impact of multinational companies on the US economy; technology‑enabled business trends; urbanization in India and China; and the competitiveness of sectors and industrial policy. MGI is led by three McKinsey & Company directors, Richard Dobbs, James Manyika, and Charles Roxburgh. Susan Lund serves as MGI’s director of research. MGI project teams are led by a group of senior fellows and include consultants drawn from McKinsey’s offices around the world. These teams draw on McKinsey’s global network of industry and management experts and partners. In addition, MGI works with leading economists, including Nobel laureates, who act as advisers to MGI projects. The partners of McKinsey & Company fund MGI’s research, which is not commissioned by any business, government, or other institution. Further information about MGI and copies of MGI’s published reports can be found at www.mckinsey.com/mgi Copyright © McKinsey & Company 2010
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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
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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
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