The Global Realities of Credit, Debt and Deleveraging

Seven years after the bursting of a global credit bubble resulted in the worst financial crisis since the Great Depression, debt continues to grow. In fact, rather than deleveraging, all major economies today have higher levels of borrowing relative to GDP than they did in 2007. Global debt in these years has grown by $57 trillion, raising the ratio of debt to GDP by 17 percentage points. What risks does this pose to financial stability? What impact could it have on global economic growth? What are the implications for managers, investors, consumers, and policymakers? .....

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