Financial Crises, Past And Present

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Executive Summary

Past financial crises had very different effects on the real economy. Although the lessons of the past don't give much cause for optimism, they do provide hints on how companies should prepare this time around. Financial crises occur with surprising frequency - in every decade in the past century there has been at least one big shock to a major economy's financial system. Judging from that history, the current upheaval will probably rank among the largest, and we face the prospect of a severe, painful recession.

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