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19. Explain modern securitized (shadow) banking . What roles do (1) Haircuts. (2) collateral, (3) repo rates and (4) loans securitized play and how do

19. Explain modern securitized (shadow) banking . What roles do (1) Haircuts. (2) collateral, (3) repo rates and (4) loans securitized play and how do they compare to the role of banknote, collateral and haircuts in the free banking era?

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