The global system is awash with liquidity. Central banks have increased their balance sheets to record levels by injecting vast amounts of liquid reserves into the system. The global issuance of debt has continued apace, most notably in emerging markets where the stock of non-financial corporate debt outstanding has more than quadrupled to $18trn since 2004.1 And in developed economies such as the UK, quantitative and qualitative measures of credit conditions are continuously improving.[...]