Mian, Atif R.2019-11-012019-11-012014978-956-7421-45-9https://hdl.handle.net/20.500.12580/3809Economic history is replete with episodes of financial crises creating havoc for the real economy. These episodes typically have three important ingredients. First there are large financial flows to finance a bubbling asset class such as sovereigns or housing with 'safe' debt. Second there is a sharp downward movement in the price of the asset that was being financed with debt. Third there is no apparent 'real shock' that one can point a figure at for the large drop in asset prices. In particular there is no major productionside disruption such as the failure of a technology political coup or breakout of large-scale disease. Yet the financial shocks translate into a deep and long economic recession. Why?.pdfSección o Parte de un Documentop. 315-330engAttribution-NonCommercial-NoDerivs 3.0 ChilePOLÍTICA MONETARIACRISIS FINANCIERAArtículo