Deciphering the liquidity and credit crunch 2007-08 by Markus K. Brunnermeier published by NBER (12/2008). “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 unfolder and how four different amplification mechanisms magnified losses in the mortgage market into large dislocations and turmoil in financial markets.”
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