Financial intermediaries may increase economic efficiency through intertemporal risk smoothing. However without an adequate regulation, intermediation may fail to do this. This paper studies the effects of a production shock in a closed economy and compares abilities of market-based and...

Climate change and outdoor air pollution are two of the most challenging environmental issues that modern society faces. These challenges are strongly linked through their emission sources, the sectors they affect and the policies that can be implemented to reduce emissions. They also interact...