"Trade liberalization, and its impact on economic growth, employment and inequality, has come in for considerable scrutiny in recent years, but much less attention has been paid to the effect of financial market liberalization.1 Now that the recent financial market turmoil in the United States has turned into the “first global financial crisis of the twenty-first century” (Felton and Reinhart, 2008), however, the labour market fall-out from such crises deserves renewed interest."

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