NBP's Rybinski on global imbalances

In the speech 'Global imbalances and implications for emerging markets' given on 15 December Krzysztof Rybinski of the National Bank of Poland said an upcoming US slowdown would likely further increase excess saving and lower valuations of US equities will make the world supply of assets even more scarce.

"In such situation US economy having hard times may not necessarily lead to higher risk premia for emerging markets (as it was the case in the past) rather any increase in risk premia would be

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