Chamley, Christophe; Kotlikoff, Laurence J.; … - In: American Economic Review 102 (2012) 3, pp. 113-19
There are many alleged culprits for the bank runs of 2008 and their devastating economic fallout. But proprietary information and leverage top our list. Claims of proprietary information forced financial markets to operate on trust, while providing the perfect breeding ground for fraud. And...