Government Guarantees, Investment And Vulnerability To Financial Crises.
This Paper presents a new model of the East Asian crisis that combines three elements - multiple equilibria, investment collapse, and moral hazard - in a single simple account. We locate the causes of the crisis in poor financial regulation, highly-geared financial institutions, and implicit guarant...
| Main Authors: | , |
|---|---|
| Format: | Working paper |
| Language: | English |
| Published: |
CEPR
2000
|