Is the world stuck with low growth?

FINANCIAL repression has intensified since the beginning of the year, with interest rates falling significantly around the world.

At the latest count, 21 central banks have cut policy interest rates in 2015, and long-dated yields have fallen to unprecedented levels in the eurozone.

At the time of writing, the German yield curve is negative in bonds up to seven years in maturity, and JPMorgan estimates that US$1.9 trillion (30 per cent) of the euro area bond market is on a negative yield.