Deciphering the Liquidity and Credit Crunch 2007-08

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  • 1 January 2008
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      • Published in RePEc
Abstract
This paper summarizes and explains the main events of the liquidity and credit crunch in 2007-08. Starting with the trends leading up to the crisis, I explain how these events unfolded and how four different amplification mechanisms magnified losses in the mortgage market into large dislocations and turmoil in financial markets.
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