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The list of risks that produce experts, practitioners and regulators in microfinance, is extensive. The high tax rates on the poor reflect the importance of consumption taxes and social contributions (which together accountfor three-quarters of French tax revenues).

As chairman of the Princeton economics department, he proved effective at mediating disputes and handling big egos. Kennedy School of Government at Harvard, he accepted Paulson

Panics are caused by credit overexpansion and overconfidence, followed by a sudden loss of confidence and a mad scramble for liquidity. This maneuver was common.

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