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EnglishWe approach nancial systemic risk as a pollution issue. We study the political distortions that may occur when either regulation or taxation is adopted. A majority of low polluting portfolio owners strategically choose regulation in order to concentrate sacrices on the minority of high risk producers. Regulation is likely to be too harsh inthis case. A transaction tax has regressive e¤ects. It is voted when the majority is made by relatively large polluters. In this case, thetax level is likely to be too low.[...]
| Titolo: | The Political Economy of Containing Financial Systemic Risk |
| Autori: | |
| Data di pubblicazione: | Being printed |
| Abstract: | We approach nancial systemic risk as a pollution issue. We study the political distortions that may occur when either regulation or taxation is adopted. A majority of low polluting portfolio owners strategically choose regulation in order to concentrate sacrices on the minority of high risk producers. Regulation is likely to be too harsh inthis case. A transaction tax has regressive e¤ects. It is voted when the majority is made by relatively large polluters. In this case, thetax level is likely to be too low.[...] |
| Handle: | http://hdl.handle.net/11575/12675 |
| Appare nelle tipologie: | 2.1 Contributo in volume (Capitolo o Saggio) |
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