Economic Progress

The global economy must learn to balance competition and cooperation

A TD Canada Trust branch is seen in the financial district in Toronto, January 28, 2013. Moody's Investors Service has cut the ratings of six Canadian financial institutions, including the previously "Aaa" rated Toronto-Dominion Bank, due to concerns about rising consumer debt and high housing prices. TD, the only publicly traded bank that still carried Moody's top rating, was downgraded, along with Bank of Nova Scotia , Canadian Imperial Bank of Commerce, Bank of Montreal, National Bank of Canada and Caisse Central Desjardins, Canada's largest association of credit unions, Moody's said on Monday. REUTERS/Mark Blinch (CANADA - Tags: BUSINESS POLITICS TPX IMAGES OF THE DAY) - GM1E91T0LJI01

Image: REUTERS/Mark Blinch

Koichi Hamada
Professor of Economics, Yale University
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