Fratianni, Michele - Department of Business Economics and Public Policy, … - 2008
implications of the credit boom-and-bust hypothesis, supplemented with asymmetric information, are consistent with the onset and … development of many crises, including the current subprime crisis. Governments have reacted to crises by erecting a vast and … supervision. The unwinding of the current crisis will mark a big enlargement of the safety net and moral hazard, as well as a …