Keith Wade: Where might the next global financial crisis come from?

Ten years on from the collapse of Lehman Brothers and the deepening of the global financial crisis, the world seems to be a safer place. Over the past decade there have been significant shifts in the world economy to the extent that the imbalances that could lead to a crisis are less. The risks have not entirely gone away, but they have shifted and are different to those of a decade ago. The global financial crisis had its origins in a savings glut that built up as emerging markets, notably China, developed an excess of saving over investment. Much of the excess capital ended up in the b...