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|z 9781475546088
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|a Korinek, Anton.
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|a The Redistributive Effects of Financial Deregulation /
|c Anton Korinek, Jonathan Kreamer.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2013.
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|a 1 online resource (42 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a Kreamer, Jonathan.
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|a IMF Working Papers; Working Paper ;
|v No. 2013/247
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2013/247/001.2013.issue-247-en.xml
|z IMF e-Library
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