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This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii)...
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governmental responses to the financial crises at the end of the 19th and the beginning of the 20th century in the USA and the …
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