Cross-border links between banks and nonbank entities have also increased, and there has been a shift of global portfolios toward U.S. securities and cross-border lending into emerging market economies (EMEs), much of which is in U.S. dollars.
1  I am very grateful to Bernhard Winkler and Andreas Hertkorn for their valuable contributions. BIS Review 108/2009  1  In addition, there have been a few economists, who spent their time looking deeply into the intricacies of the national accounts, before pronouncing themselves on the future course of events. Their simple message was: what cannot go on forever has to reverse.