Faculty News
Lord Mervyn King's new book, "The End of Alchemy," is spotlighted
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Excerpt from The Economist -- "The problem leading up to the crisis, as Lord King sees it, is that commercial banks had little incentive to hold large quantities of safe, liquid assets. They knew that in a panic, the central bank would provide liquidity, no matter the quality of their balance-sheets; in response they loaded up on risky investments."
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