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38) Pour Claudio Borio (BRI), les problèmes de percepLon du risque sont un facteurd'instabilité financièrea) A l'instant t, les agents savent faire la différence entre un ac5f risqué et un ac5f quine l'est pasb) Les agents sous-es5ment le risque en phase descendante du cyclec) Les agents sures5ment le risque en phase ascendante du cycled) Les agents perçoivent mal l'évolu5on du risque dans le temps

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