The Redistributive Effects of Financial Deregulation:
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, riskta...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2013
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 13/247 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (42 p) |
| ISBN: | 1475546084 9781475546088 |
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| index_date | 2024-07-03T20:13:14Z |
| indexdate | 2024-07-10T09:35:21Z |
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| series2 | IMF Working Papers |
| spelling | Korinek, Anton Verfasser aut The Redistributive Effects of Financial Deregulation Korinek, Anton Washington, D.C International Monetary Fund 2013 1 Online-Ressource (42 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/247 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 Online-Ausg Kreamer, Jonathan Sonstige oth http://elibrary.imf.org/view/IMF001/20975-9781475546088/20975-9781475546088/20975-9781475546088.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Korinek, Anton The Redistributive Effects of Financial Deregulation |
| title | The Redistributive Effects of Financial Deregulation |
| title_auth | The Redistributive Effects of Financial Deregulation |
| title_exact_search | The Redistributive Effects of Financial Deregulation |
| title_exact_search_txtP | The Redistributive Effects of Financial Deregulation |
| title_full | The Redistributive Effects of Financial Deregulation Korinek, Anton |
| title_fullStr | The Redistributive Effects of Financial Deregulation Korinek, Anton |
| title_full_unstemmed | The Redistributive Effects of Financial Deregulation Korinek, Anton |
| title_short | The Redistributive Effects of Financial Deregulation |
| title_sort | the redistributive effects of financial deregulation |
| url | http://elibrary.imf.org/view/IMF001/20975-9781475546088/20975-9781475546088/20975-9781475546088.xml |
| work_keys_str_mv | AT korinekanton theredistributiveeffectsoffinancialderegulation AT kreamerjonathan theredistributiveeffectsoffinancialderegulation |