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Deleveraging can cause a tigtening of credits. It can also cause reduction in housing prices, and therefore, have a negative effect on consumption. What effects

Deleveraging can cause a tigtening of credits. It can also cause reduction in housing prices, and therefore, have a negative effect on consumption. What effects a reduction in housing prices will have?

a) reducion in human wealth.

b) reduction in nonhuman wealth

c) reduction in financial wealth

d) all of the above

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