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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INFORMATION
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2013/02/01
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Article de revue
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79461
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1
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1
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2016/04/10
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Disclosed
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Risk-bearing by the state : when is it good public policy?
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risk aversion
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