NO.PZ2020033003000022
问题如下：
Firm A，as a borrower，takes excessive risk in the short- term markets，and the O/N Libor rate changes from 2% to 2.5%. This is an example of which of the following credit contract frictions ?
选项：
A.Moral hazard.
B.Adverse selection.
C.Externalities.
D.Risk shifting.
解释：
C is correct.
考点：credit contract frictions
解析：这是 externality的典型代表.
没看懂题目，请解释一下题目及选项
