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...Bis working papers no the international monetary and financial system its achilles heel what to do about it by claudio borio economic department august jel classification e f keywords excess elasticity saving safe assets shortage crises are written members of bank for settlements from time other economists published on subjects topical interest technical in character views expressed them those their authors not necessarily this publication is available website www org all rights reserved brief excerpts may be reproduced or translated provided source stated issn print online abstract essay argues that amplifies domestic policy regimes ie exacerbates inability prevent build up imbalances outsize cycles lead serious macroeconomic dislocations view contrasts sharply with two more popular ones which stress failure disruptive current account tendency generate a structural demand respectively particular highlights rather than persistent expansionary contractionary bias adjust interaction rais...