Risk-Bearing by the State : When Is It Good Public Policy?
The global financial crisis brought government guarantees to the forefront of the debate. Based on a review of frictions that hinder financial contracting, this paper concludes that the common justifications for government guarantees—i.e., principal-agent frictions or un-internalized externalities i...
| Main Authors: | , , |
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| Format: | Journal Article |
| Language: | en_US |
| Published: |
Elsevier
2013
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10986/13732 |