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Causes of the Financial Crisis: An Assessment using UK Data

Christopher Martin () and Costas Milas ()

No 18/09, Department of Economics Working Papers from University of Bath, Department of Economics

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 (search for similar items in EconPapers)
Date: 2009
New Economics Papers: this item is included in nep-cba, nep-fdg, nep-mac and nep-opm
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