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"Financial crises are systemic occurring simultaneously in different economies. In this book Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of 'liquidity crunch' in triggering crises. Calvo shows that a sharp…
Since the subprime mortgage crisis that began in 2007, advanced economies have felt a nagging sense of insecurity. In parallel, the profession has witnessed phenomena that are alien to mainstream macroeconomic models. Financial crises are systemic, occurring simultaneously in di…