This framework gives important insights in a debt-driven World. First-and-foremost, financial markets increasingly operate as vast debt refinancing mechanisms not new capital-raising vehicles . Second, domestic and international capital flows represent key drivers of the economic system. Increasingly cross-border flows determine trade balances, not

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A central theme in Howell’s analysis is the assertion that liquidity flows have become crucial in understanding the modern financial landscape. In recent years, particularly since the global financial crisis, the nature of capital investment has evolved. Interest rates, which historically served as a critical indicator of capital allocation, have... See more