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This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure...
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Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the … distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk … sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a …
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