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Yes, but not every panic is caused by an asset bubble. The panics that are caused by asset bubbles are a subset of the of panics. There are other panics that ha
by lkrubner 16y ago
Yes, but not every panic is caused by an asset bubble. The panics that are caused by asset bubbles are a subset of the of panics. There are other panics that have other causes - both supply side shocks and demand side shocks can lead to a panic. Thus, I left out a lot of panics, which were not caused by asset bubbles.