منابع مشابه
Regulation of Stock Externalities with Correlated Costs∗
We study a dynamic regulation model where firms’ actions contribute to a stock externality. The regulator and firms have asymmetric information about serially correlated abatement costs. With price-based policies such as taxes, or if firms trade quotas efficiently, the regulator learns about the evolution of both stock and costs. This ability to learn about costs is important in determining the...
متن کاملBank regulation under fire sale externalities ∗ Gazi
This paper examines the optimal design of capital and liquidity regulations under fire sale externalities. The lack of complementary liquidity ratio requirements harms the purpose of capital adequacy requirements by yielding not only inefficiently low risky investment but also more severe financial crises. When capital is regulated but liquidity is not, banks still keep liquid assets for micro-...
متن کاملBank Regulation under Fire Sale Externalities
We examine the optimal design of and interaction between capital and liquidity regulations. Banks, not internalizing fire sale externalities, overinvest in risky assets and underinvest in liquid assets in the competitive equilibrium. Capital requirements can alleviate the inefficiency, but banks respond by decreasing their liquidity ratios. When capital requirements are the only available tool,...
متن کاملRegulation of Stock Externalities with Correlated Abatement Costs
We study a dynamic regulation model where firms’ actions contribute to a stock externality. The regulator and firms have asymmetric information about serially correlated abatement costs. With price-based policies such as taxes, or if firms trade quotas efficiently, the regulator learns about the evolution of both the stock and costs. This ability to learn about costs is important in determining...
متن کاملexternalities of nomadic livestock’s utilization on khafr-sivar rangelands from water regulation perspective
natural resources are valuable capitals for all nations. rangelands as the most extensive natural ecosystems in iran provide numerous services, including fodder production and red meat supply, soil conservation and water regulation. although uncontrolled exploitation of these resources has imposed much pressure and caused many losses within the ecosystems. impacts of overutilization of nomadic ...
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ژورنال
عنوان ژورنال: Journal of Public Economics
سال: 1976
ISSN: 0047-2727
DOI: 10.1016/0047-2727(76)90064-5