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        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation
        The Redistributive Effects of Financial Deregulation

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        The Redistributive Effects of Financial Deregulation

        ABSTRACT

        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 ....read more

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        • TypeReport
        • PriceFree
        • FormatPDF
        • Size564 KB
        • LanguageEnglish
        • Stacks0
        • Postedalmost 4 years ago
        • Authored-
        • Added byHashdoc Content Review
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