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How can currency boards and dollarization prevent currency crises?
Group Think
A psychological phenomenon in which the desire for harmony or conformity in a group results in an irrational or dysfunctional decision-making outcome.
Social Loafing
A phenomenon where individuals exert less effort to achieve a goal when they work in a group than when they work alone.
Group Polarization Effect
A phenomenon where the presence of a group intensifies an individual's position, making the overall group's stance more extreme than initially individual opinions.
City Council
The legislative body that governs a city, town, or municipality, responsible for making decisions on local laws and policies.
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