Charles Roxburgh

Charles RoxburghCharles Roxburgh is a Director of the McKinsey Global Institute (MGI), McKinsey & Company’s business and economics research arm, and a Director (senior partner) of McKinsey based in London. Charles has been an adviser and co-author on several MGI research efforts on global capital markets. Other research has focused on strategy and scenario planning, as well as on trends in European investment banking. From 2006 to 2009 he led McKinsey’s Global Corporate and Investment Banking practice based in New York. He previously headed McKinsey’s UK Financial Institutions practice and was also a co-leader of McKinsey’s Strategy practice worldwide. In his client work, Charles has served a wide range of financial institutions on issues of strategy, risk management and organisation.

Papers Published in World Economics:

George Soros’ Reflexivity and the Global Financial Crisis
Author: Thomas D. Willett

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Debt and Deleveraging

In this article, McKinsey Global Institute researchers assess the increases in debt and leverage in ten mature economies and four emerging economies – breaking down that data by each country’s financial, household, non-financial business and government sectors. The authors then analyse the sustainability of current levels of leverage in those sectors and construct a ‘heat map of deleveraging’. The map shows which sectors in which economies are most likely to deleverage. Third, the authors analyse 45 episodes of deleveraging since 1930, focusing on the 32 episodes that occurred after a financial crisis. From these episodes, the authors draw insights into the macroeconomic channels through which a country can deleverage. Finally, they discuss the policy and business implications of the findings.

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