Government Guarantees, Investment, and Vulnerability to Financial Crises.
The paper presents a new model of the East Asian crisis which combines three elements--moral hazard, investment collapse, and multiple equilibria--in a single account. The study locates the causes of the crisis in poor financial regulation, highly leveraged financial institutions, and implicit guara...
| Auteurs principaux: | , |
|---|---|
| Format: | Journal article |
| Langue: | English |
| Publié: |
2003
|