Again, with hindsight, we can see that these vehicles were vulnerable to runs once the crisis hit, and these runs did not stop at national borders. 1  Michael Gibson of the Board's staff contributed to these remarks. The views expressed are my own and not necessarily those of other members of the Board of Governors.
BIS Review 133/2009  1  Moreover, even countries where assets weren't obviously mispriced felt the effects of the growing dislocations when global banks were forced to deleverage and conserve liquidity. Their pullback from lending was broad-based and eventually affected many emerging market economies.