| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3804 |
| DP3804 From Natural Resources to High-tech Production: The Evolution of Industrial Competitiveness in Sweden and Finland | |
| Magnus Blomström; Ari Kokko | |
| 发表日期 | 2003-02-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper argues that the backbone of the pre-1914 international financial architecture was the concern about moral hazard. No decentralized system can leave without safeguards against free riding and this typically means that problem countries must find by themselves the means to fix their domestic problems. We review the origins of crises as well as the remedies that were commonly applied one century ago and find that the international financial world was fairly similar to the setting in which we live today, and this for the same reasons. Today, just like one century ago, in the absence of an international lender of last resort with huge regulatory powers, countries must muddle through, with the occasional - and imperfect - help of international finance. |
| 主题 | International Macroeconomics |
| 关键词 | Moral hazard Financial architecture Financial crises Self insurance Relationship banking |
| URL | https://cepr.org/publications/dp3804 |
| 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/532793 |
| 推荐引用方式 GB/T 7714 | Magnus Blomström,Ari Kokko. DP3804 From Natural Resources to High-tech Production: The Evolution of Industrial Competitiveness in Sweden and Finland. 2003. |
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