The epic meltdown in financial markets that occurred in 2008 was a painful reminder that even developed economies in this day and age cannot avert financial crises.
Most academics and central bankers also claim that these crises cannot be predicted with any accuracy. More innovative researchers, like Richard Vague, beg to differ. In his book, ?The Next Economic Disaster,? he outlines an approach to predict financial crises with a high degree of accuracy by focusing on private debt.
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