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Theoretical Notes on Bubbles and the Current Crisis
Martin, Alberto; Ventura, Jaume - C.E.P.R. Discussion Papers - 2010
We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the...
Persistent link: https://www.econbiz.de/10008684673
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Political Credit Cycles: The Case of the Euro Zone
Fernández-Villaverde, Jesús; Garicano, Luis; Santos, Tano - C.E.P.R. Discussion Papers - 2013
We study the mechanisms through which the adoption of the Euro delayed, rather than advanced, economic reforms in the … Euro zone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment … process after the creation of the Euro. …
Persistent link: https://www.econbiz.de/10011084343