5. and also Klitgaard, R. (1991) Adjusting to Reality: Beyond “State versus Market in Economic Development, San Francisco, I CE G.  6  “Recession” here means a classical recession: i.e., a period of economic contraction or negative growth sustained for 2 quarters or more.
4  BIS Review 106/2008  adjustment process which needs to be completed if the current turbulence in financial markets is to be resolved. And on that note, I end: thank you for your attention. References: 1. Bernanke, B.S. (2007) “Housing Finance and Monetary Policy”, Speech at the Federal Reserve Bank of Kansas Economic Symposium, Jackson Hole, Wyoming: 31 August. 2.