In their book this time is different carmen reinhart and, Ask an Expert

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In their book This Time Is Different, Carmen Reinhart and Kenneth Rogoff conclude: "An examination of the aftermath of severe postwar financial crises shows that they have had a deep and lasting effect on asset prices, output, and employment."

Why should a recession connected with a financial crisis be more severe than a recession that did not involve a financial crisis?

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Financial Management, Finance

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