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The
breakdown of the Bretton Woods' agreements
and the oil shocks of the Seventies, the
paper argues, changed the management of
financial firms. Flexible exchange rates
created new opportunities for financial
operations while inflation and the decision
of the authorities to attribute high priority
to it accelerated financial innovation.
These phenomena led to a progressive growth
of the turnover of the financial sector,
which strengthened its weight in the economy
and may have favoured the introduction
of legislation reducing the ability of
the authorities to prevent the rise of
systemic risk.
January 22, 2010.
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