including © notice, is given to the source. The Aftermath of Financial Crises

The authors would like to thank Pierre-Olivier Gourinchas and Vincent R. Reinhart for helpful comments. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications