In addition, the number of potential market participants for these securities has fallen as key investors have either disappeared – such as asset-backed commercial paper (ABCP) and structured investment vehicle conduits – or fled to safer havens – such as money market funds.
The degree of openness of the economy, measured by the ratio of exports and imports of goods and services to GDP, has risen from 20 per cent in the first half of the 1990s to 44 per cent in the latest five-year period from 2014–19.