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Bank loans and public debt are competing funding sources for firms without barriers to public debt markets. With firms … seeking the least costly funding and investors in both public debt markets and bank loan markets seeking the highest return … prevail. However, there are two bodies of literature suggesting that loan rates and public debt rates for the same firm might …
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This exploratory issue paper begins with a statement by Joseph Stiglitz, Nobel Laureate in Economic Sciences, which outlines what a well-functioning global financial system would achieve, followed by his dry statement that the current global financial system does none of these things. The paper...
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An essay, written in 1779-80, concerning the relationship between money growth, government liability issues, and inflation.
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