The Redistributive Effects of Financial Deregulation is popular PDF and ePub book, written by Mr.Anton Korinek in 2013-12-17, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, The Redistributive Effects of Financial Deregulation can be Read Online from any device for your convenience.
The Redistributive Effects of Financial Deregulation Book PDF Summary
Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk-taking by earning greater expected returns. However, risktaking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. We describe a Pareto frontier along which different levels of risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial sector at the expense of the rest of the economy.
Detail Book of The Redistributive Effects of Financial Deregulation PDF
- Author : Mr.Anton Korinek
- Release : 17 December 2013
- Publisher : International Monetary Fund
- ISBN : 9781484307953
- Genre : Business & Economics
- Total Page : 42 pages
- Language : English
- PDF File Size : 10,8 Mb
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