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+71:,

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44

Iljxuh 714= Pxowlsoh Vwhdg| Vwdwh Htxloleuld 45

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46

Iljxuh 715= H{sdqvlrqdu| prqhwdu| srolf| 47

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48

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jw Pw sw

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65

Financial Collapse: A Lesson from the Great Depression

Jun 15, 2001 - is a technology that allows a coalition of agents to evaluate loan applications and en0 sure repayment ... the perceived high (low) degree of equilibrium participation. .... independent across entrepreneurs and output is private information. .... We associate w with the state of confidence in the financial system.

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