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Remember 2001? Global debt risks for 2019

In the context of rising policy rates and slowing growth, we identify a number of areas of credit risk globally, considering factors such as concentrations of highly-indebted borrowers, declining overall credit quality, and sensitivity to floating-rate debt. Overall, credit vulnerabilities look greater than when we last looked in 2017; the corporate credit channel in particular could worsen a global economic slowdown, possibly along the lines of the 2001-02 period.

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