Lost Decades: The Making of America’s Debt Crisis and the Long Recovery
by Menzie D. Chinn and Jeff A. Frieden
The book sets out how the large scale imbalances, both internal and external imbalances, have played a major role in leading into the crisis and the challenges the US (and other countries) face in the coming decade to address the imbalances. The book takes a broader, more global view on the crisis than most other books on this topic, which make the messages in the book not just relevant for the US but for the current European situation and beyond. An important addition to the book is the transcript of a moderated session at the IMF, where the authors and discussants focus on the long-term global adjustments that will have to be made into thenext decade.
Added on 08 December 2011
