BIS Review 46/1998  -5-  before allowing them to borrow in international financial markets. At the other end of the spectrum, there are those who argue that the main problem was “lack of liquidity” in these financial markets, which they identify as causing large price movements on relatively small volume changes.
For the latter group, the solution is simple: to go harder, stronger and quicker towards full deregulation. Larry Summers (1998), US Treasury Deputy Secretary and former leading academic, draws an analogy with the advent of jet travel, which greatly improved convenience and safety of international travel, but when accidents happen, they are more dramatic.