BIS Review 126/2009  3  the pre-crisis level of midyear 2007 by more than two percentage points. Risk-based capital ratios for the top 50 bank holding companies also remained relatively high: Tier 1 capital ratios were at 10.75 percent, and total risk-based capital ratios were at 14.09 percent.
On the other hand, given that services industries are labor intensive, if automation of the services sector moves ahead globally -- through the use of means such as artificial intelligence (AI) -- and wages converge on a global level, this may turn out to have a disinflationary effect (Baldwin 4  The Economist (2021) shows that the ratio of government spending to GDP in advanced economies has trended upward since 1870.