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Submitted by Asli on
Jerry, I went back and forth with that wording. Past evidence is clear I think; so if you rule out exceptions, it is difficult to argue at least from an academic standpoint, state banks have contributed significantly. But the question is also meant to be more forward looking; we really don't know quite how well they have done in their countercyclical role in the last crisis. Where has the money gone? How well have they done in allocating the credit in the midst of the crisis? Remains to be seen.. Asli