Artículo
Fecha
2014
Resumen
Economic history is replete with episodes of financial crises creating havoc for the real economy. These episodes typically have three important ingredients. First there are large financial flows to finance a bubbling asset class such as sovereigns or housing with 'safe' debt. Second there is a sharp downward movement in the price of the asset that was being financed with debt. Third there is no apparent 'real shock' that one can point a figure at for the large drop in asset prices. In particular there is no major productionside disruption such as the failure of a technology political coup or breakout of large-scale disease. Yet the financial shocks translate into a deep and long economic recession. Why?
Attribution-NonCommercial-NoDerivs 3.0 Chile
Excepto si se señala otra cosa, la licencia del ítem se describe como Attribution-NonCommercial-NoDerivs 3.0 Chile