Bailouts, the Incentive to Manage Risk, and Financial Crises
NBER Working Paper No. 15058
---- Acknowledgments ----
I would like to thank Andy Abel, Andy Atkeson, Peter DeMarzo, Nicolae Garleanu, Rich Kihlstrom, Dirk Krueger, George Pennachi, Michael Roberts and participants of seminars, lunches and conference sessions at Chicago Booth, MIT, Wharton, Univ. of Tokyo, the Minneapolis FED, the New York FED, the BIRS center on Financial Mathematics, the NBER Summer Institute (2006), and the Western Finance Association Meetings (2008), for useful comments and discussions. Jianfeng Yu provided exceptional research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.