3  Kevin Warsh (2007), "Financial Intermediation and Complete Markets," speech delivered at the European Economics and Financial Centre, London, June 5, 2007. 4  Earlier in 2007, there were already concerns about the repayment of certain types and vintages of mortgages, and about loans to leveraged borrowers more generally.
BIS Review 43/2008  1  What some originally read as a short story punctuated by a liquidity shock evolved into a longer narrative. Credit is threatening to displace liquidity as the primary antagonist. A credit crunch, particularly for small businesses and consumers, poses meaningful downside risks to the real economy.