Moheeput, Ashwin (contributor) - 2008
systemic event that causes economic loss of value
that is strong enough to cause serious disruption to real economy, will be … be stochastic. This second view reflects empirical studies by Gorton (1988), Calomiris and
Gorton (1991), which show … Gale
12
(1998) confirm the findings of studies by Gorton et al, by showing that the business
cycle plays an important …