Sometimes projects are financed that turn out to be fraudulent or otherwise unworthy, and sometimes national financial systems are not ready to deal with the higher volumes of capital flows and the quicker and harsher market discipline that comes with globalization. In the past couple of decades,  21  We have no comprehensive data on this phenomenon.
This is an aspect of monetary policy which was already stressed by Shackle in his 1949 article on “The nature of interest rates.” Describing a situation in which the central bank tries to bring interest rates down he states that [p. 115] “a consensus of market opinion can be swung, by words and deeds of the monetary authority or its masters”.