Flight-to-safety common feature of crises: BIS paper

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A Bank for International Settlements paper published on Tuesday finds commonalities and differences in the propagation of the financial crises in 2008 and 1931.

William Allen and Richhild Moessner, the paper's authors, examine the international propagation of the financial crisis in 2008, and compare it with that of the crisis of 1931. The authors argue that the collateral squeeze in the United States, which became intense after the failure of Lehman Brothers and created doubts about the

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