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The large international bailouts of the 1990s have been criticized for differentreasons, in particular for generating moral hazard at the expense of theglobal taxpayer. We argue in this paper that some of these concerns areexaggerated or misleading because international bailouts have no or...
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Will the world run out of 'safe assets' and what would be the consequences on global financial stability? We argue that … in a world with competing private stores of value, the global economic system tends to favor the riskiest ones. Privately …
Persistent link: https://www.econbiz.de/10013064183
The large international bailouts of the 1990s have been criticized for different reasons, in particular for generating moral hazard at the expense of the global taxpayer. We argue in this paper that some of these concerns are exaggerated or misleading because international bailouts have no or...
Persistent link: https://www.econbiz.de/10013320798
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