Author

Anamika Mukherjee Deputy Director- Research & Journal,  Institute of Cost and Works Accountants of India, ICWAI
Debabrata Datta1 Professor, Institute of Management Technology, Nagpur

Abstract
Recent  financial  crisis  in USA  is  traced  to  several  factors  like  reckless  lending, financial  engineering  with  novel  instruments,  practice  of  securitization, promotion of housing finance by government, greed and capitalist vices. But this problem  would  not  have  taken  crisis  dimension  unless  global macroeconomic imbalance,  resulting  from  huge  current  account  deficit  of  US  economy  was financed  by  Asian  economies,  particularly  Chinese  economies.  The  resultant overspending  in  USA  without  any  liquidity  crunch  created  an  atmosphere, conducive  to  financial mismanagement.  So  problem  cannot  be  fully  overcome unless  problem  of  macroeconomic  imbalance  is  addressed.  Global  equality  of savings and  investment  is not enough. There  is need for  local equilibrium, since existence of non traded goods within national boundary is a reality.

Content
Introduction
Emergence of the crisis
Global imbalance – the root cause  
Future policy agenda  


注：个人觉得这篇文章分析此次金融危机短小精悍，尤其在溯源方面，从宏观经济学角度提出与众多西方论点（market failure and moral hazard）不同的观点（global imbalance），感觉新颖，希望对感兴趣的朋友有所帮助。