@techreport{537a0e52a5e544518d5a3a950186acc2,
title = "Causes of the Financial Crisis: An Assessment using UK Data",
abstract = "We present empirical evidence that the marked rise in liquidity in 2001-2007 was due to large and persistent current account deficits and loose monetary policy. If this increase in liquidity was a pre-condition for the financial crisis that began in July 2007, we can conclude that loose monetary and the deterioration in current account balances were causes of the financial crisis.",
keywords = "liquidity, monetary policy, financial crisis, global imbalances",
author = "Christopher Martin and Costas Milas",
year = "2009",
language = "English",
series = "Bath Economics Research Working Papers",
publisher = "Department of Economics, University of Bath",
number = "18/09",
type = "WorkingPaper",
institution = "Department of Economics, University of Bath",
}