distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk … risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial … banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial …

As labor input in Japan shrinks with population aging, capital accumulation and productivity gains will drive growth … through reforms to the tax code. Second, decreasing uncertainty through improved risk management by firms and by bolstering … the business climate. Third, improving SME access to finance, notably by encouraging venture capital investment in …

The use of collateral has become one of the most widespread risk mitigation techniques. While it brings stabilizing … effects to the individual lender we argue that it may exacerbate systemic risk through margin call activation. We show how a …

public capital and expected fiscal adjustments to deficit-financed spending. Implementation delays can produce small or even … matter both quantitatively and qualitatively for long-run growth effects. When public capital is insufficiently productive …

theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt … subsidiary banks affect the intra-bank capital structure through international debt shifting. Using a novel subsidiary …

data on U.S. firms from 1990 to 2011, it was found that the share of physical capital in assets has a strong influence on …

credit more than other banks. However, higher and better-quality capital mitigated this effect. Our results suggest that …