The collapse of Lehman Brothers 10 years ago marked the beginning of the 2008 financial crisis. The legacy of the crisis reveals to us a series of paradoxes, with consequences for both the economy and financial markets.
1. The missed deleveraging: If the pace of debt accumulation has slowed down, deleveraging in absolute terms has hardly happened at all post crisis. The prospect of higher rates and the exhaustion of the cyclical upswing open up questions about debt sustainability. Assessing areas of vulnerabilities that could translate into idiosyncratic risks will be key to preventing capital impairment.
2. The two sides of liquidity: Despite the macro excess of liquidity in the balance sheets of Central Banks (CB), we are facing a micro deterioration of market liquidity due to post-crisis regulations. The challenge for asset managers is to implement strategies to deal with this liquidity paradox.
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