McCauley, Robert N. - In: The 2008 global financial crisis in retrospect : causes …, (pp. 57-85). 2019
Robert McCauley maps the capital flows that preceded the 2008 crisis and argues that it was European banks that fuelled the U.S. housing boom. Large official inflows into U.S. Treasury and agency notes should have reinforced a U.S. mortgage market dominated by fixed-rate mortgages. Instead, one...
