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This Time is Different: Eight Centuries of Financial Folly is one of the best, if not the best, books ever written on the history of financial crises. It presents a comprehensive survey of financial crises utilizing an extraordinary database of macroeconomic and financial series. The massive...
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in a countercyclical way, that is they tend to be positive (negative) when the domestic economy is growing more slowly … (rapidly) than the rest of the world. Countries with more countercyclical net capital gains experience improved consumption …
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