Beyond Pangloss: financial sector origins of inefficient economic booms

Beyond Pangloss: financial sector origins of inefficient economic booms

Government guarantees of bank liabilities have a long-standing history and are now ubiquitous. We study a model where financial sophistication enhances banks’ ability to exploit government guarantees and fuels inefficient economic booms. Driven by financial engineering, bank rent extraction creates...

Bibliografske podrobnosti
Main Authors:	Malherbe, F, McMahon, M
Format:	Journal article
Jezik:	English
Izdano:	Elsevier 2024

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