Instability fundamentals have weathered revolution

The financial fundamentals that hold the key to the dynamics of instability remain despite three decades'-worth of structural change in the system, according to research published by the Bank for International Settlements.

The fundamentals in question relate to imperfect information in financial contracts, to risk perceptions and incentives, and to powerful feedback mechanisms operating both within the financial system and between that system and the macroeconomy. The research argues that, as

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