New Canadian governor on globalisation
In this speech - his first as governor of the Bank of Canada - Mark Carney links the dramatic increase in highly structured credit products with emerging-market economies' role as exporters of capital.
This, Carney argues, has driven down global long-term interest rates, encouraging investors to search for yield. But the strong demand for commodities from emerging markets had resulted in an improvement in Canada's terms of trade, which "alone has bolstered real disposable income per capita by 8.5
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