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Question 1 (20 marks) (a) Please describe the stages of financial crises in advanced economies and emerging economies, respectively. (12 marks) (b). What is the

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Question 1 (20 marks) (a) Please describe the stages of financial crises in advanced economies and emerging economies, respectively. (12 marks) (b). What is the most outstanding difference between financial crises in advanced economies and in emerging economies? (2 marks) (c). What effect might a financial panic have on the money multiplier and the money supply? Why?(6 marks)

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