Despite the voluminous and growing literature on financial constraints, the origins of the constraints are hardly ever empirically analyzed. This paper offers such an analysis. We study, in particular, the empirical prevalence of adverse selection and moral hazard in capital markets using a...

Nordic historians have asserted for a long time that in the Nordic countries only few people, if any, perceived increased threats of war prior to the World War II outbreak. This would explain, and possibly excuse, why their governments did not mobilize their armies until it was too late. This...

Chapter 1: Introduction 9 Chapter 2: Price setting behaviour in an open economy and the determination of Finnish foreign trade prices 29 Chapter 3: Financial market disturbances as sources of business cycle fluctuations in Finland 79 Chapter 4: Financial factors in the boom-bust episode in...