Скачать или смотреть The Business Cycle as a Funding Cycle

Traditional explanations of the business cycle focus on output, demand, and economic activity. But by the time those indicators move, the real shift has already happened.


In this episode of The Global Ledger, we reframe the business cycle as a funding cycle — driven by balance sheet expansion and contraction, rolling short-term liabilities, and the availability of liquidity.


We explore how easy funding fuels expansions, why tightening funding triggers downturns, and why recessions feel sudden even though the stress builds quietly in financial markets first.


This episode sets the stage for Episode 96, where the full framework is applied to a real crisis: Anatomy of a Modern Financial Crisis.