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Direct linkMuscatelli, Anton; Mackay, Francesca – CURRENTS, 2011
A housing and municipal construction bubble popped and generated a lending crisis in which interbank lending rates became impossibly high. The banking crisis, which spread across Europe and the United States, eventually impacted other industries, leading to a stock market crash and an economic contraction lasting several years. This was not in…
Descriptors: Foreign Countries, Economic Climate, Financial Problems, Real Estate
