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(a) What is competitive bidding and non-competitive bidding in the US treasury bill auction? Please explain the mechanism. What is the key difference between the

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(a) What is competitive bidding and non-competitive bidding in the US treasury bill auction? Please explain the mechanism. What is the key difference between the two? (12 marks) (b) When virtual bank first appeared, some analysts predicted that it would very soon dominate the banking sector. What do you think? (10 marks) (c) Why do economists point out that financial repression may lead to low economic growth? (15 marks)

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