US - A majority of institutional investors believe turmoil in international credit markets will push the US into recession in 2008, according to research from Greenwich Associates.
The findings from a survey conducted in February with 234 institutional fixed-income and equity investors in Asia, Europe and North America.
It was conducted as a follow-up to a September 2007 study on the crisis, when investors reported that trading in certain credit products had broken down completely at times.
While global markets appeared to regain at least a modest degree of liquidity in the fourth quarter of 2007, the institutions participating in the follow-up study in February 2008 said - for some products - conditions had actually deteriorated since September.
Frank Feenstra, consultant at Greenwich Associates, said: "There is a growing realisation that by the first half of 2007, liquidity had become unsustainably cheap, and that the conditions we saw last June are not likely to come back any time soon - if ever.
"But growing fears of systemic risk and doubts about the soundness of some counterparties show that investors are increasingly worried about the ability of some markets to function properly on a much broader level."
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