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Crises have cleansing effects: Low-quality firms face greater financial shortfalls and invest less than high-quality firms. Public liquidity support preserves the overall production capacity. However, by dampening the cleansing effects, it distorts the quality distribution and reduces the total...
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some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the …
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some alternative approaches to interoperability, including central bank digital currencies (CBDCs), hybrid CBDCs, and two …-ledger upgrades of bank-based payment systems …
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