Lauretta, Eliana; Chaudhry, Sajid M.; Mullineux, Andrew W. - 2016
virtuous cycle), whereas bad finance captures part of the created wealth and, thanks to a highly technologically advanced …, destroying wealth and consequentially social welfare (the unvirtuous cycle). Therefore, structural factors are at the foundation … of the persistence of instability and thus of what we define as the unvirtuous cycle, which can generate what we label …