Destructive effects of constructive ambiguity in risky times
نویسندگان
چکیده
منابع مشابه
Destructive Effects of Constructive Ambiguity in Risky Times
Unclear bailout policy, underinvestment and calls for bankers’ responsibility are some of the observations from the recent financial crisis. The paper explains underinvestment as an inefficient equilibrium. Under ambiguous bailout policy agents suffer from a lack of information with regards to the insolvency resolution methods. Beliefs of bankers regarding whether an insolvent bank is liquidate...
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ژورنال
عنوان ژورنال: Journal of International Money and Finance
سال: 2012
ISSN: 0261-5606
DOI: 10.1016/j.jimonfin.2012.02.011