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-area. We focus on three badly affected states, Arizona, Spain and Latvia, to examine the working of relative adjustment … Spain. The locally focussed structure of banking amplified the crisis in Spain, whereas the role of out-of-state banks eased …
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This paper argues that the loose monetary policy of two of the world’s most important financial institutions-the US Federal Reserve Board and the European Central Bank-were ultimately responsible for the outburst of global financial crisis of 2008 - 09. Unusually low interest rates in 2001 -...
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