A Possible Sequence for the Three Stages of a Financial

A possible sequence for the three stages of a financial crisis might be ________ leads to ________ leads to ________.

A) asset price declines;banking crises;unanticipated decline in price level
B) unanticipated decline in price level;banking crises;increase in interest rates
C) banking crises;increase in interest rates;unanticipated decline in price level
D) banking crises;increase in uncertainty;increase in interest rates

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