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   "strategy": "Construct a theory-based measure from balance sheets weighted by market-based liquidity factors; validate it through time-series aggregates, a stress test, and cross-sectional probability regressions on pre-crisis LMI with controls; compare against Basel LCR/NSFR and the Berger-Bouwman measure",
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    "claim": "Aggregate LMI falls from about +$4 trillion before the crisis to about -$6 trillion in 2008",
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    "evidence_ref": "Figure 4"
   },
   {
    "claim": "A stress test based on LMI signals banking fragility in early 2007",
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    "claim": "Banks with lower pre-crisis LMI were more likely to borrow from Fed facilities and TARP",
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    "claim": "With fixed liquidity weights, LMI varies little between normal and crisis periods",
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    "claim": "Federal Reserve liquidity injections correlate with the increase in LMI in 2008",
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