| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2635 |
| DP2635 Estimating Demand for Local Telephone Service with Asymmetric Information and Optional Calling Plans | |
| Eugenio Miravete | |
| 发表日期 | 2000-12-19 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | 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 guarantees to the financial sector that create moral-hazard. The model has a unique long-run equilibrium with over-investment as a result of the guarantees. But in the short run, in which the capital stock is fixed, there may be multiple equilibria. If foreign banks regard lending as low-risk, then it is. But if they regard lending as high-risk and charge a higher interest rate, then the costs of honouring guarantees rises, making the lending high-risk and the risk premium self-justifying. A crisis occurs with a switch to this second equilibrium in which the government is forced to renege on its guarantees; the effect is a reversal of foreign capital flows. Whether multiple equilibria exist ? and hence whether the economy is vulnerable to a crises ? depends critically on the extent of capital accumulation and the mix between debt and equity financing. |
| 主题 | International Macroeconomics |
| 关键词 | Financial crisis East asian economic crisis Over-investment Multiple equilibrium |
| URL | https://cepr.org/publications/dp2635 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531700 |
| 推荐引用方式 GB/T 7714 | Eugenio Miravete. DP2635 Estimating Demand for Local Telephone Service with Asymmetric Information and Optional Calling Plans. 2000. |
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