Global imbalances and the financial crisis: products of common causes

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European Monetary Integration and the Incompatibility of National Varieties of Capitalism (2016, unknown): “The competitiveness argument focuses on how current account imbalances led to crisis exposure in EMU’s periphery countries (Obstfeld and Rogoff, 2009; Belke and Dreger, 2011; Shambaugh et al., 2012).”
Financial crisis and global imbalances: its labour market origins and the aftermath (2012, background): “According to Obstfeld and Rogoff (2009), the dot-com crash, along with its negative effects on investment demand, caused a saving glut that policy makers in the USA reacted to with loose monetary policies, creating cheap money and low long-term interest rates.”
Financial Flows, Financial Crises, and Global Imbalances (2012, background): “Nonetheless, I would maintain (as in Obstfeld and Rogoff, 2010) that large and persistent current account imbalances can be an indicator of trouble ahead, as they were in the 2000s, and therefore deserve close monitoring by policymakers.”
Global Imbalances and the Financial Crisis: Link or No Link? (2011, unknown): “…Aizenman and Jinjarak (2008)).7 Many of those that take a more nuanced view of global imbalances, emphasising instead microeconomic weaknesses in the United States, still appear to suggest that the surge in net capital inflows into the country exacerbated them (eg Obstfeld and Rogoff (2009)).”