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Risk-bearing by the state : when is it good public policy? (anglais)

The global financial crisis brought government guarantees to the forefront of the debate. Based on a review of frictions that hinder financial contracting, this paper concludes that the common justifications for government guarantees - that is, principal-agent frictions or un-internalized externalities in an environment of risk neutrality are flawed. Even where risk is purely idiosyncratic and thus diversifiable in principle government guarantees...
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