The document discusses global imbalances in the financial system, highlighting the trends in current account positions of major economies over the past 50 years. It notes the impact of the Bretton Woods system and the effects of financial liberalization since the 1970s, which have allowed for larger current account imbalances cushioned by flexible exchange rates and fiat money.
doj/DataSet10/EFTA01384474.pdf
{"title":"Long-Term Asset Return Study: The Next Financial Crisis","document_date":"2017-09-18","document_type":"financial","key_organizations":["Deutsche Bank"],"reference_numbers":["DB-SDNY-0084696","SDNY_GM_00230880","EFTA01384474"]}