In case it's of interest, the UK's productivity problem may be a problem of a "deglobalization" of finance, according to a new Bank of England paper.
I wrote a bit about it here: http://uk.businessinsider.com/deglobalization-threat-to-uk-economy-2014-11
Honestly, I'm sceptical of the paper's conclusions but I would be interested in people's thoughts. Here are a couple of questions:
a) Is it possible to differentiate between a deleveraging cycle and financial "deglobalization" in real time or can it only ever be an ex post observation?
b) Was trend productivity flattered by the financial bubble in the years leading up to the crisis and therefore the "productivity puzzle" is here to stay?