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Causes of the Financial Crisis: an Assessment Using UK Data

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Author Info
Christopher Martin () (University of Bath (UK))
Costas Milas () (Keele University (UK); Rimini Centre for Economic Analysis, Rimini, Italy)

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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.

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Publisher Info
Paper provided by Rimini Centre for Economic Analysis in its series Working Paper Series with number 10-09.

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Date of creation: Jan 2009
Date of revision: Jan 2009
Handle: RePEc:rim:rimwps:10-09

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Related research
Keywords: financial crisis; liquidity; monetary policy; global imbalances;

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Find related papers by JEL classification:
G01 - Financial Economics - - General - - - Financial Crises
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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