As for the macroeconomic factors, the roots of the current crisis may go as far back as the late 1990s, when global imbalances in current account positions and capital flows across major economies, particularly in the US, started to build up.
At the time, several emerging economies enhanced fiscal discipline and recorded a collapse in investment, which contributed, alongside other factors, to substantial surpluses in savings-investment and current account balances. In the industrialised countries, corporate investment fell after the collapse of the IT bubble in 2001. Meanwhile, in the US private saving was falling, while domestic demand was expanding.