Subject: Allocation of liquidity | Financial market instability | Money market operation | Japan premium | Failure of arbitrage
jel: jel:E43 | jel:E52 | jel:G21
This paper attempts to view financial crises as the failure of arbitrage among financial markets, and takes the “Japan premium” phenomenon observed in offshore money markets as an important example in favor of this view. In addition, we reconsider, from this perspective... View more
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