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Financial Market Liquidity and the Financial Crisis: An Assessment Using UK Data

Christopher Martin () and Costas Milas ()

International Finance, 2010, vol. 13, issue 3, 443-459

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.

Date: 2010
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Handle: RePEc:bla:intfin:v:13:y:2010:i:3:p:443-459