Olivier Blanchard

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Olivier Blanchard

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@ojblanchard1
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Olivier Blanchard Verified account Aggregated content @ojblanchard1 · 16h

The argument in the G7 report https://t.co/tznm2lRMUi that global imbalances create financial risks is unconvincing. Suppose there were no imbalances, either in stocks (assets= liabilities) or in flows (zero financial account). The risk that some investors decide to sell would -