SINCE the global financial crisis in 2008 and the ensuing Great Recession, innumerable reports on the world economy have appeared from official bodies such as the International Monetary Fund, the World Bank and the OECD, as well as academic institutions, seeking to ascertain when a ‘recovery’ might begin.
The US Fed’s quantitative easing and its low-interest rate regime has encouraged the corporate sector to take on more debt to build up cash buffers, lift dividends and buy back stocks.
