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Overview ! Complex system of incentives with multiple players: IMF, social planner, local banks, local firms, and external lenders ! Generalized approach that simultaneously solves banking and corporate sector incentive problems. Overview ! Implicit/explicit bailouts induce overinvestment and risk-shifting incentives. ! Risky debt mitigates over-investment but aggravates risk-shifting incentives. ! Currency shock induces endogenous risk taking (i.e., exacerbates riskshifting) and could resultdoi:10.2139/ssrn.253802 fatcat:phjrunecozcvbp7zehl5gxp3my