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This paper demonstrates that credit reporting -- banks observing households' default histories -- can cause slow recoveries of housing prices and employment from mortgage crises. Comparing credit cycles with and without credit reporting and capturing the impact of mortgage default on employment...
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episodes between 1950 and 2008 among 138 countries, and then examine the phases of decline and their duration. In some … institutions precede crises and, interestingly, positive reforms occur thereafter. Strong institutions shorten the duration of …
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