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angesprochen, die Notwendigkeit einer staatlichen Regulierung wird stets betont. Bis zum Ausbruch der Krise zeigt der SVR … regulation. Until the beginning of the financial crisis however, the SVR also demonstrated great confidence in the improved …
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This paper examines financial regulation and distortionary taxes in a heterogeneous-agents economy with pecuniary … externalities induced by a collateral constraint. Limiting the loan-to-value ratio benefits only few unconstrained borrowers and …
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This paper studies the welfare properties of competitive equilibria in an economy with incomplete markets subject to idiosyncratic and aggregate shocks. We focus on the role of securitization, whereby borrowers can reduce idiosyncratic asset risk, which enables increased leverage and investment....
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