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...
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Fformat: | Working paper |
Iaith: | English |
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CEPR
2000
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