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Macroeconomics and DevelopmentRoberto Frenkel and the Economics of Latin America$
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Mario Damill, Martín Rapetti, and Guillermo Rozenwurcel

Print publication date: 2016

Print ISBN-13: 9780231175081

Published to Columbia Scholarship Online: September 2016

DOI: 10.7312/columbia/9780231175081.001.0001

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Financial Crises, Institutions, and the Macroeconomy

Financial Crises, Institutions, and the Macroeconomy

Chapter:
(p.287) Chapter 14 Financial Crises, Institutions, and the Macroeconomy
Source:
Macroeconomics and Development
Author(s):

José María Fanelli

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231175081.003.0014

this chapter focuses on financial crises paying attention to the linkages between the macroeconomy, institutions and financial intermediation, pointing out the “perverse” interactions between financial disequilibria, macroeconomic imbalances, and the (in)stability of economic institutions which are typical of crisis periods. The argument stresses that these interactions may delay the return to normality and even induce, under certain conditions, irreversible changes.

Keywords:   Institutions, financial intermediation, macroeconomic imbalancees, financial crises, economic instability, irreversibility

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