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Browsing Department of Economics (ECO) by Author "ROUBINI, Nouriel"
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Title:International Lending of Last Resort and Moral Hazard: A Model of IMF’s Catalytic Finance
Author(s):CORSETTI, Giancarlo; GUIMARAES, Bernardo; ROUBINI, NourielDate:2006Type of Publication:ArticleAbstract:This paper analyzes the trade-off between official liquidity provision and debtor moral hazard in international financial crises. In the model, crises are caused by the interaction of bad fundamentals, self-fulfilling runs ...