Moritz Schularick is professor of economics at the John F. Kennedy Institute of the Free University of Berlin, Germany. He has also been a visiting scholar at Cambridge University and worked in the financial industry for several years. His current work focuses on credit cycles, the determinants of financial crises, and the international monetary system. Together with Niall Ferguson, he coined the term “Chimerica” to describe the intimate financial relations between the United States and China. Working at the crossroads of monetary and international economics as well as economic history, his contributions can be found in the American Economic Review, the Review of Economics and Statistics, the Journal of Economic Growth, the Journal of Economic History, and several other journals.
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This paper tracks the development of sectoral saving and borrowing in the US economy over the past 50 years.
Taking a long‐run view from economic history, I make three points about instability in financial markets. First, I argue that economic historians have a relatively good understanding of the proximate causes of financial crises.