Many of the Financial Diaries families experienced periods o…

Many of the Financial Diaries families experienced periods of illiquidity and in a few cases insolvency. A) What is the difference between illiquidity and insolvency? (2pts) B) What are at least 2 costs experienced by Financial Diaries families as a result of illiquidity? (2pts) C)Describe at least 2 financial innovations discussed in class that help families cope with illiquidity. (2 pts)