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In his book Manias, Panics and Crashes Charles Kindleberger explains the three stages of how a financial crisis develops and evolves over time. Please briefly

In his book Manias, Panics and Crashes Charles Kindleberger explains the three stages of how a financial crisis develops and evolves over time. Please briefly explain these stages and how the Icelandic, Mexican and Russian Financial Crises as presented in the Hill text and the class case presentation follow this economic pattern or paradigm.

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