@article {Howell156, author = {Michael J Howell}, title = {The Cycle of Global Liquidity}, volume = {2009}, number = {1}, pages = {156--165}, year = {2009}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Important macro-factors determine liquidity conditions in micro-markets. Capitalism is essentially a financing system, or more correctly a re-financing system. The re-financing process is largely controlled by Central Banks via their influence on the wholesale money markets. Financial liquidity tends to move in a four- to five-year global cycle. Periods of tight liquidity trigger financial crises like 2007/08. The modern-day banking crisis no longer involves queues of retail depositors scrambling to remove their savings whenever their bank lacks reserves. Rather it is caused by asset-liability {\textquotedblleft}mismatch{\textquotedblright} and an inability to re-finance short-term liabilities in the wholesale markets.}, URL = {https://guides.pm-research.com/content/2009/1/156}, eprint = {https://guides.pm-research.com/content/2009/1/156.full.pdf}, journal = {Trading} }