Carney warns of ‘global liquidity trap’
BoE governor says model of “capital flows at risk” highlights important vulnerabilities
Emerging market economies (EMEs) may be vulnerable to a sudden reversal of capital flows despite building up reserves in recent years, Bank of England governor Mark Carney said today (June 6).
A fifth of all surges in capital flows to emerging markets have ended in crises, Carney told a conference hosted by the Institute of International Finance. Authorities in EMEs had taken some understandable policy steps, including boosting reserves accumulation and capital flow measures.
But this was
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