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  • Òscar Jordà, Moritz HP. Schularick, and Alan M. Taylor, Sovereign Debt and Financial Crises (Wiley, Journal of the European Economic Association 14(1), 2013), chap. 3, https://www.nber.org/books-and-chapters/sovereign-debt-and-financial-crises/sovereigns-versus-banks-credit-crises-and-consequences.

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Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private...

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