Bubbles, crises, and policy
研究了金融自由化如何导致资产价格泡沫，泡沫破裂引发银行危机和经济衰退，并比较了挪威和日本的不同政策应对。
In many recent cases financial liberalization has led to a bubble in asset prices. The bursting of the bubble results in a banking crisis and recession. It is suggested such bubbles are caused by an interaction of the risk-shifting problem arising from agency relationships in intermediaries and uncertainty concerning the expansion of credit. Two important policy objectives are identified. The first is the prevention of bubbles in asset prices. The second is minimizing the impact of spillovers on to the real economy during post-bubble banking crises. The different policy approaches taken in Norway and Japan are compared. Copyright 1999 by Oxford University Press.