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(a) Explain the following concepts: financial innovation, mortgage-back securities, asset-price bubble, debt deflation, financial crisis. (b) Discuss how asymmetric information may lead to a financial
(a) Explain the following concepts: financial innovation, mortgage-back securities, asset-price bubble, debt deflation, financial crisis.
(b) Discuss how asymmetric information may lead to a financial crisis.
(c) Discuss in detail the three (3) stages of a financial crisis in advanced economies
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