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Financial Crisis: Credit Booms, AssetPrices and Externalities
Tommaso MonacelliUniversità Bocconi and IGIER
NfA Days - June 2009
Things that typify a
…nancial crisis
1. Credit boom
!
Leveraging of …nancial institutions2. Asset price boom/bubble3. Asset price bust
!
De-leveraging of banks
Questions
1. What causes the
credit
boom?2. Is the credit boom a
good
thing?3. What causes asset prices
to go bus
t and the crisis thereafter?4. Why is the crisis of 2008
so much worse
than the dotcom bust of
2001
?
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