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Handbook of Safeguarding Global Financial Stability by Gerard Caprio

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Chapter 47

Prevention of Systemic Crises

D.G. Mayes

University of Auckland, Auckland, New Zealand

Outline

Financial stability is clearly easiest to maintain if there are no systemic crises in the first place. However, a vibrant financial system that is making its best contribution to strong economic growth and efficient allocation of resources will also contain an element of volatility. Depressing that volatility to the point that the probability of future crises reaches trivial levels may be at some ...

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