Jon Cunliffe reviews the extreme turmoil in financial markets in March – the so-called ‘dash for cash’. He considers the important lessons to be learned about what functioned well, what proved fragile under stress and, if so, what can be improved.
He considers what this episode told us about market liquidity, the changes in the financial system over the last 10 years and how these may impact upon financial stability.
The impact of leveraged investors on market liquidity and financial stability
