3. In an emerging market economy, a financial crisis generally begins with Select one: a. an increase in uncertainty caused by failure of financial institutions. b. all of the above. c. asset pricing booms and busts. d. mismanagement of financial liberalization or innovation.

7. Stage Three of a financial crisis in an emerging market economy features

Select one:

a. debt deflation.

b. a general increase in inflation.

c. an increase in general price levels.

d. a full-fledged financial crisis.