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judicial process for a foreclosure sale have significantly lower rates of foreclosures relative to states that have no such … requirement. Using state laws requiring a judicial foreclosure as an instrument for actual foreclosures, as well as a regression … discontinuity design around state borders with differing foreclosure laws, we show that foreclosures have a large negative impact on …
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"We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity crisis now working its way through the international monetary system. We then evaluate the persistent conjecture that the liquidity crisis is or will become a balance of payments...
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