Secular forces can account for roughly 400 basis points of the approximately 450-basis-point decline in global long-term real interest rates over the three decades studied.

Format Online paper / PDF

Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

"Secular forces can account for roughly 400 basis points of the approximately 450-basis-point decline in global long-term real interest rates over the three decades studied."

Rachel and Smith document a large long-run decline in global real rates and attribute most of it to structural shifts in desired saving and investment.

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Source title Secular drivers of the global real interest rate

Source authors Lukasz Rachel and Thomas D Smith

Source year 2015

Confidence high

Importance high