Bolton, Patrick, Tony Santos and Jose Scheinkman, “Inside and Outside Liquidity,” mimeo, Princeton University, March 30, 2009, Diamond, Douglas and Raghuram Rajan, “Liquidity Shortages and Banking Crises,” NBER working paper 10071, October 2003. Bolton, Patrick, and Mathias Dewatripont, Contract Theory, Cambri

ased lending to the less well-off. After 2006, the subprime ZIP codes experienced an increase in default rates three times that of prime ZIP codes. Raghuram Rajan claims that, while high-income individuals saved, low-income individuals borrowed beyond their means in order to sustain their consumption, and that

dministration. And with each administration the market in derivatives expanded, and alarms about the dangers of this type of investment were ignored. Raghuram Rajan, chief HOUSE_OVERSIGHT_031827 --- PAGE BREAK --- economist at the International Monetary Fund, presented a paper in 2005 warning of a "catastrophic

dministration. And with each administration the market in derivatives expanded, and alarms about the dangers of this type of investment were ignored. Raghuram Rajan, chief HOUSE_OVERSIGHT_031831 --- PAGE BREAK --- economist at the International Monetary Fund, presented a paper in 2005 warning of a "catastrophic

dministration. And with each administration the market in derivatives expanded, and alarms about the dangers of this type of investment were ignored. Raghuram Rajan, International Monetary Fund, presented a paper in 2005 warning of a chief economist at the mocked as a "Luddite" "catastrophic meltdown" and was by

dministration. And with each administration the market in derivatives expanded, and alarms about the dangers of this type of investment were ignored. Raghuram Rajan, chief economist at the International Monetary Fund, presented a paper in 2005 warning of a "catastrophic meltdown" and was as a "Luddite" Meanwhile,

, they say. (CNBC) Reserve Bank of India Governor Raghuram Rajan https://click.response.cnbc.com/?qs=3beece2c1bba