Europe, Latin America, Asia, and Africa. Why do such crises recur? What is it about the accumulation of bank debt that ….S. banking history, from pre-U.S. Civil War private bank notes issued during the U.S. Free Banking Era (1837-1863), followed by … the U.S. National Banking Era (1863-1914) before there was a central bank, through loan sales, securitization, and the …

effects and depicts the empirically observed counter-cyclical nature of bank mark-ups. Second, we develop a New Keynesian … us to consider the demand side of the economy and to abstract from the assumption that the central bank can directly …