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How bad are bubbles for welfare?

Economist's View found this 6/30/2009 on VoxEU.org

Guillermo Calvo , Rudy Loo-Kung , 27 June 2009 The financial sector is prone to crises, which are typically associated with serious effects on output and employment. This column weighs the costs and benefits of financial deregulation that spurs temporarily high growth that then collapse and ...