BIS on the Financial Cycle

06/30/2014 Mises Wire Peter G. Klein

The Bank of International Settlements, which has published several Austrian-friendly research papers (most notably, this), warns in its newest annual report: “[Macroeconomic policies] need to address head-on the structural deficiencies and resource misallocations masked by strong financial booms and revealed only in the subsequent busts. The only source of lasting prosperity is a stronger supply side. It is essential to move away from debt as the main engine of growth.”

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