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Causes of the Financial Crisis: an Assessment Using UK Data

Christopher Martin () and Costas Milas ()

Working Paper series from Rimini Centre for Economic Analysis

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: financial crisis; liquidity; monetary policy; global imbalances (search for similar items in EconPapers)
JEL-codes: G01 E44 E52 (search for similar items in EconPapers)
Date: 2009-01
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