The Financial Crisis: Toward an Explanation and Policy Response
Aaron Steelman and
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Aaron Steelman: Federal Reserve Bank of Richmond
Economic Quarterly, 2015, issue 1Q, 5-21
This article discusses the key events of the financial crisis, examines which factors contributed to it, and considers how policymakers might most effectively respond. At the core of their discussion is the role that explicit and implicit government guarantees played in encouraging unwise risk-taking by financial institutions.
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