Global saving glut, monetary policy, and housing bubble: Further Evidence

It is generally agreed that housing bubble of the United States at the turn of this century led to the unprecedented global financial crisis and subsequent great recession. Among many theories which attempt to explain reasons for the real estate bubble and the following financial crisis, the hypothesis of global saving glut suggested by Ben S. Bernanke (2005, 2007, 2009, 2010, 2011), a Distinguished Fellow at Brookings Institution and former Chairman of the Board of Governors of the Federal Reserve System, is a most influential yet controversial one.  Bernanke (2005) raised a concept ......(read more)

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