Question: Question 3 (a) Explain the financial instability hypothesis proposed by Minsky. [6 marks] (b) Explain the process of securitisation as carried out by banks and

Question 3 (a) Explain the financial instability hypothesis proposed by Minsky.

Question 3 (a) Explain the financial instability hypothesis proposed by Minsky. [6 marks] (b) Explain the process of securitisation as carried out by banks and discuss its role in the 2008 global financial crisis. [15 marks] (c) Explain, using examples, why financial crises have different causes in emerging economies compared to developed economies [12 marks]

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