6 Muller and Verner (2021), ‘Credit allocation and macroeconomic fluctuations’ and Schularick (2021) ‘Corporate  indebtedness and macroeconomic stabilisation from a long-term perspective’.
Just to give an estimate, the transfer of purchasing power due to the increase in oil prices alone amounts to around 3 trillion US dollars over the last decade, about 7% of advanced economies’ GDP. 2 The period between 2002 and 2007 saw the world economy grow at its fastest rate since the 1970s.