between risk and uncertainty is implemented by applying the Gilboa-Schmeidler (1989) maxmin with multiple priors framework to …, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood … analysis include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both …

risk and uncertainty is implemented by applying the Gilboa-Schmeidler (1989) maxmin with multiple priors framework to … analysis include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both … the real and financial sectors and may lead to a total drying up of credit markets. (ii) Lower exante bailout uncertainty …