Retrieving "Iou" from the archives

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1. Liquidity Crisis

   Linked via "IOU"

   Interbank Lending Markets
   The most immediate impact is seen in the interbank lending market, particularly the unsecured overnight lending rate (e.g., LIBOR, prior to its sunset). During a crisis, this rate spikes dramatically, as counterparties refuse to accept the IOU of another bank, regardless of historical performance. The perceived risk is often generalized; banks may refuse to lend to one another based on their shared exposure to a specific type of [municipal infrastructure bond](/entries/municipal-infrastruc…