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208-2011-L12 - Econ208 MarekKapicka Lecture12 Wherearewe n...

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Econ 208 Marek Kapicka Lecture 12 Financial Intermediation
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Where are we? n Introduction: A model with no Government n The Effects of Government Spending n Government Taxation and Government Debt n Labor Taxation n Government Debt n Financial Intermediation n Fiscal and Monetary Policy n Optimal Monetary Policy
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Financial crises n Economic crisis in 2007-2008 : The  largest recession since the Great  Depression n Associated with  banking crisis n The first banking crisis in the US since the  Great Depression n However, banking crises are recurrent n Before 1913 n In other countries n Banking crises are nothing new!
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Recent Crises n Scandinavian Crisis 1990-1991 n Increase in asset and housing prices before the crisis n 1990-1991: increase in oil prices, collapse of trade with  Soviet Union triggered a crisis n Sweden: took over major banks, recapitalized them and sold  them later n Japan 1990’s n The Argentina Crisis 2001-2002 n The Russian Crisis, 1998
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A. History of banking crises:  U.S.  n Before 1914: Crises were a frequent  phenomenon in the U.S.  n National banking era 1863-1913 n They have occurred at about 10 year  intervals
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A Banking Panic
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Bank Runs
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U.S. National Banking Era Panics
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