We are witnessing the spectacular end of a second period of globalization and the return of states in the definition of international order. Within this dynamic of global capitalism, the possibility of an environmental transition or a transition toward an economy of well-being respectful of the...

We construct a model where financial asset overpricing due to risk shifting can be moderated by capital requirements. Imperfect information about the level of capital per unit of risk, however, introduces uncertainty about the risk exposure of intermediaries. Overestimation of the level of...