Market distress has eased since the height of the crisis, suggesting that some government policies have been successful. But which ones? This column argues markets are calmed by policies that form part of a strategy; ad-hoc policies add to market fears.
Yacine Aït-Sahalia, Jochen Andritzky, Andreas Jobst, Sylwia Nowak, Natalia Tamirisa, 10 December 2009
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