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ABSTRACT. Rochet constructs a model of the payment flows that allows him to capture in a simple fashion the propagation of financial crises in an environment where both liquidity shocks and solvency shocks affect financial intermediaries that fund long-term investments with demand deposits. Forbes maintains that banking crises are a serious concern and can be extremely costly. Landier and Ueda examine cases in which restructuring can bring economic gains. (pp. 144–148)

CRISTIAN GRADINARU
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PhD C., University of Craiova

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