Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts
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The paper elicits a mechanism by which private leverage choices exhibit strategic complementarities through the reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating refinancing. In turn, refusing to adopt a risky balance sheet
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美国国家经济研究局创建时间：
2009-07-01
