Abstract
A steady increase in financial market liquidity followed by a rapid reduction played a central role in the financial crisis that began in 2007. We present empirical evidence that the marked rise in liquidity in 2001-07 was due to large and persistent current account deficits and loose monetary policy.
| Original language | English |
|---|---|
| Pages (from-to) | 443-459 |
| Number of pages | 17 |
| Journal | International Finance |
| Volume | 13 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - 2010 |
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