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What I'm reading now

I'm reading G. Calvo's "Looking at Financial Crises in the Eye" presented at this conference.  This is really good.

Standard analysis will mistakenly identify the liquidity-linked rise in the price of land as a potential "bubble". (p.12)

The model in this section adds a new hypothesis based on a well-established Diamond-Dybvig insight, namely, that financial institutions that are not subject to 100-percent reserve or liquidity requirements are able to pring "liquidity," which opens up the door to liquidity crash. (p.13)

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