The redistributive effects of financial deregulation

• 成果类型: Article
• 署名作者: Korinek, Anton; Kreamer, Jonathan
• 署名单位: Johns Hopkins University; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2014.08.007
• 发表日期: 2014
• 页码: S55-S67
• 关键词: Financial Regulation; Distributive conflict; Rent extraction; Growth of the financial sector

摘要

Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation at center stage. We develop a model in which the financial sector benefits from financial risk-taking by earning greater expected returns. However, risk-taking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. 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. (C) 2014 Elsevier B.V. All rights reserved.