Which of the following is NOT a reason that we discussed for global imbalances that arose in the early 2000s and persist to some degree to this day?
Government budget deficits in some developed countries.
Developing country central banks accumulating dollar reserves in order to manipulate their exchange rate and promote exports.
The increase in the US savings rate during the housing boom.
The increase in Asian savings rates after the Asian financial crisis in the late 1990s.