Why are real interest rates so low? And will they stay this low for long? If they do – as it seems they might – the implications will be profound: good for debtors, bad for creditors and, above all, worrying for the vigour of global demand.
The International Monetary Fund’s latest World Economic Outlook includes a fascinating chapter on global real interest rates. Here are its most significant findings.
First, globalisation has integrated finance. There used to be wide variation in real interest rates between different countries. That is no longer the case, since interest rates everywhere now respond to common influences.
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