Chapter 47
Prevention of Systemic Crises
Outline
How the Financial System should be Structured
How the Financial System should be Regulated
How Prudence can be Encouraged
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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