A couple of years ago, the words “American consumer” cast a shadow over global markets. No wonder. Back in the days of the credit bubble, American consumer borrowing helped to create a crazy debt binge.
And when the financial crisis started in 2007, the ensuing wave of mortgage defaults, particularly in the subprime world, then sparked a panic.
But is it possible that five long years later, those same American consumers might now actually be providing a flash of hope for investors? That is the intriguing idea advanced by a new McKinsey study on the issue of deleveraging, or debt reduction across the western world*.
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