12  There are a number of explanations for this slow global recovery, including the well-known arguments by Reinhart and Rogoff that post-financial-crisis recoveries are generally much weaker because the financial system is impaired and deleveraging must occur. In addition, a series of significant adverse shocks, including the euro area crisis, have contributed to the slow recovery.
See C. Reinhart and K. Rogoff, This Time Is Different: Eight Centuries of Financial Folly (Princeton, NJ: Princeton University Press, 2009). - 13 First, the composition of global demand has changed. The share of business investment, which is intensive in traded goods, has declined.