Is globalization great ?

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Extraits de « The future of financial globalisation » (BIS paper n° 69, décembre 2012), de Stephen G Cecchetti, Amartya Sen, Jaime Caruana, Ravi Menon et José Darío Uribe


« […] Experience shows that a growing financial system is great for a while – until it isn’t. Look at how, by encouraging borrowing, the financial system encourages an excessive amount of residential construction in some locations. The results – empty three-car garages in the desert – do not suggest a more efficient use of capital! ...

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Revue Banque Nº785bis