Adrian, Tobias (contributor); Shin, Hyun Song (contributor) - 2009
Federal Reserve System.
1
Before the current financial crisis, the global economy was often described as being “awash … with
liquidity”, meaning that the supply of credit was plentiful. The financial crisis has led to a
drying up of this … dramatic contraction in the current financial crisis.
Figure 4 plots the flow of new credit from the issuance of new asset …