investment, and output subsidies at the production stage. While these measures stimulate entrepreneurship, only cost …

investment, and output subsidies at the production stage. While these measures stimulate entrepreneurshiip, only cost …

, progressive taxation as well as investment and output subsidies to the entrepreneurial sector. …

, which enables increased leverage and investment. In the absence of frictions in the securitization process, we show that the … be constrained inefficient due to the existence of a pecuniary externality that can result in over or under-investment …. We examine policies to correct over-investment and find that a leverage ratio restriction generates a Pareto improvement …

start-up enterprises if future losses of the start-up investment are partly covered by the government. …