Dasgupta uoft topic 4 27 33 balance of payments global

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Unformatted text preview: . Dasgupta (UofT) Topic 4 27 / 33 Balance of Payments Global imbalance Implications of the imbalance Low interest rates. Low mortgage rates that fueled a real estate boom in the U.S. Rising home prices. Increased borrowing against home equity and reduced savings. A possible cause of the great recession of 2008-09? Dasgupta (UofT) Topic 4 28 / 33...
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