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Of Laws, Lending, and Limbic Systems
William J. Bernstein
Financial Analysts Journal
Vol. 66, No. 1 (January/February 2010), pp. 17-22
Published by: CFA Institute
Stable URL: http://www.jstor.org/stable/27809158
Page Count: 6
You can always find the topics here!Topics: Credit, Economic regulation, Panic, Limbic system, Bank loans, Loans, Bank credit, Banking panics, Shadow banks, Banking crises
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Over the past four centuries, financial crises have occurred at semi-regular intervals of approximately once a decade. Their primary mechanism seems to be the increasingly elastic nature of credit in the modern financial system. Recent advances in neurophysiology and cognitive neuropsychology shed light on this phenomenon and provide hints about how such crises might be mitigated in the future.
Financial Analysts Journal © 2010 CFA Institute