Allen, William A.; Moessner, Richhild - In: Financial History Review 19 (2012) 02, pp. 123-147
We examine the international propagation of the financial crisis of 2008, and compare it with that of the crisis of 1931. Both crises featured a flight to liquidity and safety. We argue that the collateral squeeze in the United States, which became intense after the failure of Lehman Brothers,...