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...
| Main Authors: | , |
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| 格式: | Journal article |
| 語言: | English |
| 出版: |
2003
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