About this work
Borrowing against securities can accelerate a market correction without predicting when one will begin. This analysis emphasizes changes in margin debt rather than its record level, tracing how collateral losses and forced deleveraging interact with tightening liquidity. A US unwind can transmit stress abroad through emerging market currencies, credit spreads and capital flows.
Cite this work
Marcello Estevão, Jonathan Fortun (2025). Global Macro Views: Margin Debt as Market Amplifier. Institute of International Finance.