necessity never fully contract theory of export credit insurance（出口信用保险的必要性从未完全契约理论）.docVIP

Necessity never fully contract theory of export credit insurance REVIEW Papers :: incomplete contract theory to emerge in recent decades and the rapid development. Foreign exchange earnings and to explain the necessity of the reasons big risk and export credit insurance. Foreign exchange risks due to asymmetric information. Paper Keywords: incomplete contract theory, export credit insurance and foreign exchange risks Is a collection of contract commitments, these commitments are made by the contracting parties at the time of signing, and is expected in the next expiration date can be realized. Contract theory generally include complete contract theory (principal-agent theory), incomplete contract theory (theory of property rights) and transaction cost theory. Incomplete contract refers to accurately describe all the circumstances relating to the transaction that may arise in the future, require the parties to make decisions, and consciously abide by the terms of the contract; and when the parties to the contract dispute on the contract terms, a third party can enforce. But the real world is an uncertain world, there will be a lot of chance to happen, such as the party of opportunism and risk aversion, information asymmetry, the two sides signed the contract can not be estimated these sporadic, and longer if the contract period clearly defined what to do, the less likely the other side. Therefore, contracting parties can not accurately detail the responsibilities and rights of all the circumstances and possible future transactions and the corresponding case of written contract, signed a contract just totally an ideal situation, the contract of the real world in an absolute sense are It is incomplete. Incomplete contract theory to emerge in recent decades and the rapid development. 20 1970s and 1980s, Williamson on the basis of incomplete information on systematic exposition of incomplete contracts. The late eighties, Grossman and Hart (1986), Ha