This paper studies the effects that heterogeneous multiple bank financing has on a firm's risk and information policy when the firm tries to maximize credit renegotiation efficiency. We find that a significant, yet limited, degree of relationship lending enables firms with high asset specificity...

This paper reconsiders a central bank's problem of determining rules for information dissemination and risk-taking behavior that minimize the probability of currency crises. In a global-games approach, we find that optimal transparency is adversely related to prior market beliefs. In countries...