Not all is virtuous in the bubbly equilibrium, however. There is an inherent macroeconomic fragility in coordination-dependent speculative booms. In the same way as these start, investors’ moods can change rapidly, causing an implosion in local asset values and widespread international liquidity scarcity as the savings that once were stored in safe heavens are now deployed in riskier local assets, and there is a surge in capital outflows for those that can still do it.