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"+" : X<0 ? "-" : " " }function CreateXmlHttpObj1() {try {XmlHttpObj1 = new ActiveXObject("Msxml2.XMLHTTP");}catch(e) {try{XmlHttpObj1 = new ActiveXObject("Microsoft.XMLHTTP");}catch(oc) {XmlHttpObj1 = null;}}if(!XmlHttpObj1 && typeof XMLHttpRequest != "undefined") {XmlHttpObj1 = new XMLHttpRequest();}}function loadingTime() {//calculate the current time in afterloadvar afterload = (new Date()).getTime();//calculate the secondsclientTime = (afterload-beforeload)/1000;serverTime =  parseFloat(document.getElementById("serverTime").innerHTML);totalTime = (clientTime + serverTime).toFixed(3);document.getElementById("loadingtime").innerHTML = "and delivered in " + totalTime + " seconds";}function addLoadEvent(func) {var oldonload = window.onload;if (typeof window.onload != 'function') {window.onload = func;} else {window.onload = function() {if (oldonload) {oldonload();}func();}}}</script>    <title>SSRN JEL Code: E41</title>    <meta http-equiv="X-UA-Compatible" content="IE=edge">    <meta name="viewport" content="width=device-width, initial-scale=1">    <meta name="robots" content="noindex">        <meta name="description" content="SSRN JEL Code: E41">        <meta name="keywords" content="SSRN, JEL Code: E41">        <link rel="search"              type="application/opensearchdescription+xml"  href="https://papers.ssrn.com/sol3/opensearchdescription.xml"              title="SSRN" />    <script src="https://ajax.googleapis.com/ajax/libs/jquery/1.12.4/jquery.min.js"></script></head>    <body class="new-layout"><div id="genericToastr" class="generic-toastr"><div class="toastr-icon"><i id="toastrIcon"></i></div><div id="toastrMessage" class="toastr-mesage"></div><div class="toastr-close"><i class="icon icon-gizmo-delete" onclick="closeToastr()"></i></div><div class="toastr-link"><a id="toastrLink" href="#"></a></div></div>    <script language="javascript">//Language functionsfunction changeLanguage1(language, response){$.ajax({url: '/AltLanguage_ajax.cfm?type=changeLanguage&partid=1&strCode=en',cache: false,success: function(data) {// Update values in cookiesSet_Cookie('SITEID',language,'-1','/','.ssrn.com','');Set_Cookie('SITEID',language,'1000','/','.ssrn.com','');// Finally, perform redirectionif (response == 'reload') {window.location.reload();}else {window.location.href=response;}}});}function Set_Cookie( name, value, expires, path, domain, secure ) {// set time, its in millisecondsvar today = new Date();today.setTime( today.getTime() );/*if the expires variable is set, make the correctexpires time, the current script below will setit for x number of days, to make it for hours,delete * 24, for minutes, delete * 60 * 24*/if ( expires ) {expires = expires * 1000 * 60 * 60 * 24;}var expires_date = new Date( today.getTime() + (expires) );document.cookie = name + "=" +escape( value ) +( ( expires ) ? 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A Financial and Political Economics Approach</a>                                </span>                                </h3>                                                                                                                                <div><i>BAFFI CAREFIN Centre Research Paper No. 2017-65</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 18</span>                                                                                                                    <span>Posted: 21 Dec 2017</span>                                                                                                                    <span>Last Revised: 05 May 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=678541" target="_blank">Emanuele Borgonovo</a>, <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=374818" target="_blank">Stefano Caselli</a>, <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1802761" target="_blank">Alessandra Cillo</a> and <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=280917" target="_blank">Donato Masciandaro</a>                                    </div>                                    <div class="afiliations">                                    Bocconi University - Department of Decision Sciences, Bocconi University - Department of Finance, Bocconi University - Department of Decision Sciences and Bocconi University - Department of Economics                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  517</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                    <div class="trow abs abs_3182646" id="div_3182646">                        <div class="actions">                            52.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3182646">Is Bitcoin Money? 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                                                         <span>Posted: 06 Mar 2018</span>                                                                                                                    <span>Last Revised: 22 Jul 2020</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=150817" target="_blank">Urban J. 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href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2545276">Uncovering the Outcomes of Equity Crowdfunding: Post-Funding Outcomes of Equity Crowdfunded Firms in Europe</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 78</span>                                                                                                                    <span>Posted: 07 Jan 2015</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                             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</div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 31</span>                                                                                                                    <span>Posted: 22 Oct 2011</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a 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                      <span><a                                            class="title optClickTitle" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1898962">The (Quantity) Theory of Money and Credit</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 29</span>                                                                                                                    <span>Posted: 31 Jul 2011</span>                                                                                                                    <span>Last Revised: 07 Jun 2013</span>                                                                        </div>                                                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Evans</a> and <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1695387" target="_blank">Robert Thorpe</a>                                    </div>                                    <div class="afiliations">                                    ESCP Europe and Independent                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span> 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class="actions">                            66.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1416922">The Monetary Contraction of 2008/09: Assessing UK Money Supply Measures in Light of the Financial Crisis</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 26</span>                                                                                                                    <span>Posted: 12 Jun 2009</span>                                                                                                                    <span>Last Revised: 20 Apr 2010</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a 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Evans</a> and <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1180236" target="_blank">Toby Baxendale</a>                                    </div>                                    <div class="afiliations">                                    ESCP Europe and <i>affiliation not provided to SSRN</i>                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                           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                           <span><a                                            class="title optClickTitle" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1543727">The Quantity Theory of Money: An Inquiry Regarding Meaning and Method</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 11</span>                                                                                                                    <span>Posted: 28 Jan 2010</span>                                                                                                            </div>                                                                                            <div class="afiliations">                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Money Demand and Experimental Economics</a>                                </span>                                </h3>                                                                                                                                <div><i>BAFFI CAREFIN Centre Research Paper No. 2018-75</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 25</span>                                                                                                                    <span>Posted: 12 Apr 2018</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=678541" target="_blank">Emanuele Borgonovo</a>, <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1802761" target="_blank">Alessandra Cillo</a>, <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=374818" target="_blank">Stefano Caselli</a> and <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=280917" target="_blank">Donato Masciandaro</a>                                    </div>                                    <div class="afiliations">                                    Bocconi University - Department of Decision Sciences, Bocconi University - Department of Decision Sciences, Bocconi University - Department of Finance and Bocconi University - Department of Economics                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  414</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                <div class="trow abs abs_3165532" id="div_3165532">                        <div class="actions">                            69.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3165532">Corporate Money Demand</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 59</span>                                                                                                                    <span>Posted: 19 Apr 2018</span>                                                                                                                    <span>Last Revised: 26 May 2020</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1706318" target="_blank">Xiaodan Gao</a>, <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=110359" target="_blank">Toni M. Whited</a> and <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2396643" target="_blank">Na Zhang</a>                                    </div>                                    <div class="afiliations">                                    National University of Singapore, University of Michigan, Stephen M. Ross School of Business and Fudan University - Department of Finance                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  414</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                <div class="trow abs abs_2598182" id="div_2598182">                        <div class="actions">                            70.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2598182">Fragile New Economy: Intangible Capital, Corporate Savings Glut, and Financial Instability</a>                                </span>                                </h3>                                                                                                                                <div><i>Columbia Business School Research Paper No. 15-46, Fisher College of Business Working Paper No. 2018-03-019, Charles A. Dice Center Working Paper No. 2018-19</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 96</span>                                                                                                                    <span>Posted: 25 Apr 2015</span>                                                                                                                    <span>Last Revised: 17 Aug 2020</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2389637" target="_blank">Ye Li</a>                                    </div>                                    <div class="afiliations">                                    Ohio State University                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  412</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                                            <div class="trow abs abs_3014456" id="div_3014456">                        <div class="actions">                            71.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3014456">Getting Off the Ground: The Case of Bitcoin</a>                                </span>                                </h3>                                                                                                                                <div><i>AIER Sound Money Project Working Paper No. 2018-03</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 30</span>                                                                                                                    <span>Posted: 08 Aug 2017</span>                                                                                                                    <span>Last Revised: 06 Jun 2018</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1352425" target="_blank">William J. Luther</a>                                    </div>                                    <div class="afiliations">                                    Florida Atlantic University                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  405</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                 <div class="trow abs abs_574147" id="div_574147">                        <div class="actions">                            72.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=574147">Why Use Debit Instead of Credit? Consumer Choice in a Trillion-Dollar Market</a>                                </span>                                </h3>                                                                                                                            <div class="note note-list">                                                                                <span>Number of pages: 50</span>                                                                                                                    <span>Posted: 25 Aug 2004</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                  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                  <span>Posted: 22 Jul 2015</span>                                                                                                                    <span>Last Revised: 14 Mar 2020</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2106229" target="_blank">Daniel Murphy</a> and <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1556701" target="_blank">Kieran James Walsh</a>                                    </div>                                    <div class="afiliations">                                    University of Virginia - Darden School of Business and University of California, Santa Barbara (UCSB) - Department of Economics                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  402</span>        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                               class="title optClickTitle" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2833879">An Empirical Analysis of the Determinants of Interest Rate Spreads: A Case of Commercial Banks in Zimbabwe</a>                                </span>                                </h3>                                                                                                                                <div><i>Masters Thesis, Faculty of Commerce, Department of Banking & Finance, Great Zimbabwe University.</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 90</span>                                                                                                                    <span>Posted: 06 Sep 2016</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Accepted Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2149113" target="_blank">Wellington Garikai Bonga</a>                                    </div>                                    <div class="afiliations">                                    Great Zimbabwe University                                    </div>                                                                                                                                          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                               <span>Number of pages: 17</span>                                                                                                                    <span>Posted: 11 Jan 2006</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=358232" target="_blank">Ayo Teriba</a>                                    </div>                                    <div class="afiliations">        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      <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=253388" target="_blank">Cornelia Holthausen</a> and <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=4554622" target="_blank">Cyril Monnet</a>                                    </div>                                    <div class="afiliations">                                    European Central Bank (ECB) and University of Bern                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                 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                                                                            <span>Number of pages: 34</span>                                                                                                                    <span>Posted: 19 Jun 2006</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=73856" target="_blank">Ron Borzekowski</a>, <a 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                                             <span>Posted: 04 Nov 2001</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=255775" target="_blank">Aziz Kutlar</a>                                    </div>                                    <div class="afiliations">                                    Cumhuriyet University                                    </div>                                         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                   <div class="note note-list">                                                                                <span>Number of pages: 23</span>                                                                                                                    <span>Posted: 26 Mar 2011</span>                                                                                                                    <span>Last Revised: 28 May 2011</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Accepted Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1389026" target="_blank">Issam A.W. Mohamed</a>                                    </div>                                    <div class="afiliations">                                    Al-Neelain University - Department of Economics                                    </div>                                                                                                                                                                                                                        <div class="keywords">                                                                                                                                                    </div>                                                        </div>                                                                                    <div class="downloads">                                                                <span>Downloads</span>                                <span>  387</span>                                                        </div>                            </div>                                                                                                                                                                                                                                                                                                    <div class="trow abs abs_2958717" id="div_2958717">                        <div class="actions">                            81.                                                                                                    <i class="icn icn-free"></i>                                                                                         </div>                            <div class="description">                                                                                                                        <h3>                                    <span><a                                            class="title optClickTitle" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2958717">Cashless Transacting Economy: A Necessary Evil for Development! 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                            <span>Posted: 03 Sep 2012</span>                                                                                                                    <span>Last Revised: 01 Mar 2015</span>                                                                        </div>                                                                                            <div class="afiliations">                                    Accepted Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1636783" target="_blank">Alexander William Salter</a> and <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1352425" target="_blank">William J. 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                                                                                           <span>Posted: 02 Feb 2006</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=579740" target="_blank">Olin Liu</a> and <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=579005" target="_blank">Olumuyiwa Adedeji</a>                                    </div>                                    <div 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                                                                                                                       <div><i>Bank of Canada Working Paper 96-8</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 44</span>                                                                                                                    <span>Posted: 14 Mar 1998</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                        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                                 <span>Number of pages: 21</span>                                                                                                                    <span>Posted: 17 May 2006</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                                                                                    <div class="authors-list">                                    <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=16386" target="_blank">Stacey Schreft</a>                                    </div>                                    <div class="afiliations">   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                                                                                      <div><i>The Jerome Levy Economics Institute WP No. 236</i>                                    </div>                                                                    <div class="note note-list">                                                                                <span>Number of pages: 19</span>                                                                                                                    <span>Posted: 24 Jun 1998</span>                                                                                                            </div>                                                                                            <div class="afiliations">                                    Working Paper Series                                    </div>                                                                                                            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