for missing credit and insurance markets. The resulting tradeoffs for growth and efficiency are explored, both … to higher income growth than taxes and transfers, but at the cost of lower insurance. Overall efficiency is assessed … welfare function, does not reward equality per se. Simulations using empirical parameter estimates show that the efficiency …

use existing information. Our results imply that credit scores improve the efficiency and decentralize decision-making in …

This paper describes an efficiency approach to the evaluation of policy changes. Rather than comparing the utility …

This paper employs analytical and numerical general equilibrium models to assess the efficiency impacts of two policies … put the carbon quota at a signficant efficiency disadvantage relative to the carbon tax: the costs of reducing emissions …. Indeed, second-best considerations severely limit the potential of a carbon quota to general overall efficiency gains. Under …

instruments. In a simple model with identical consumers, we show conditions under which the same efficiency can be attained by the … efficiency can again be obtained, but only if each person's gasoline tax rate can be made to depend on the characteristics of the …

We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity … in that state. This change limited managers' incentives to take actions favoring equity over debt for firms in the … vicinity of financial distress. We show that this ruling increased the likelihood of equity issues, increased investment, and …

We examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries … is rather muted. Surges in portfolio equity inflows also exhibit a negative association with aggregate growth in the … industries. Equity inflows exhibited economically significant positive impact on the growth of financially constrained industries …