Global economics: Why financial cycles matter (Livemint)

The first cracks appeared a decade ago. US subprime mortgage defaults began to pick up in the summer of 2007. Most policymakers saw it as a problem restricted to one part of the global financial system. What happened later is now well known. The contagion spread rapidly because of excess leverage, complex derivatives and sheer…

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Updated: April 24, 2017 — 6:31 am