Capital Mobility in a Second Best World -- Moral Hazard With Costly Financial Intermediation
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This paper studies the welfare effects of financial integration in the presence of moral hazard. Entrepreneurs face a trade off between risk and return. Banks may mitigate the resultant excessive risk by costly monitoring, where greater risk reduction requires more resources devoted to risk
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美国国家经济研究局创建时间：
1998-08-01
