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The concentration of risk within the financial system leads to systemic instability. We propose a theory to explain the structure of the financial system and show how it alters the risk taking incentives of financial institutions when the government optimally intervenes during crises. By issuing...
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FREEFALL Free Markets and the Sinking of the Global Economy JOSEPH E. STIGLITZ ALLEN LANE an imprint of PENGUIN BOOKS C O NTE NTS PREFACE XI ...
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