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Medical bills can add up quickly, particularly for illnesses that require constant treatment. Like any other form of debt, such bills can chalk up a huge medical debt which adversely affects
credit scores. It is interesting to note that illness and medical bills accounted for 62.1 percent of all bankruptcies in 2007.
Of those debtors, less than 25 percent were actually uninsured.
The global crisis changed the face of monetary policy. Central banks deployed new tools to counter the effects of the crisis, which have reduced the risk of deflation, stabilised the financial system and calmed financial markets; but potential negative side effects remain. Two weeks ago, the IMF organized a major research conference, in honour of Stanley Fischer, on lessons from the crisis. Here is my take. I shall focus on what I see as the lessons for monetary policy, but before I do this, let me mention two other important conclusions. Read more
Mario Blejer & Eduardo Levy Yeyati,
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