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Non-banks as a source of systemic risk
Shocked by COVID-19, economies dominated with non-banks will once more get more severely hit. Non-banks raise leverage out of the...
Why do central banks provide liquidity as lender of last resort?
Central banks absorbed COVID-19 shocks through lender of last resort programs. While asset prices are volatile, the need for liquidity...
Notes on how to deal with the excess saving desire while limiting private leverage
Since 1980s, the balance between capital and labor moved in favor of capital. Profits have constantly gained income share from wages. It...
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