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Georgia has emerged from its second lockdown that was imposed in November 2020 following a sharp increase in COVID-19 cases. Vaccinations commenced in March 2021 and the country is now entering a critical stage in overcoming the pandemic. The lockdowns drove a contraction of around 6.2 percent...
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, fueling a financial bubble whose bursting leads to debt-deflation in the next period with a non-zero probability. This dilemma … Fisher's debt deflation theory as being distinct from Keynes' liquidity trap. …
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