Arbeitspapier
The intended and unintended consequences of financial-market regulations: A general equilibrium analysis
In a production economy with trade in financial markets motivated by the desire to share labor-income risk and to speculate, we show that speculation increases volatility of asset returns and investment growth, increases the equity risk premium, and reduces welfare. Regulatory measures, such as constraints on stock positions, borrowing constraints, and the Tobin tax have similar effects on financial and macroeconomic variables. Borrowing limits and a financial transaction tax improve welfare because they substantially reduce speculative trading without impairing excessively risk-sharing trades.
- Sprache
-
Englisch
- Erschienen in
-
Series: SAFE Working Paper ; No. 124
- Klassifikation
-
Wirtschaft
Financial Crises
General Financial Markets: Government Policy and Regulation
Asset Pricing; Trading Volume; Bond Interest Rates
Financial Markets and the Macroeconomy
- Thema
-
Tobin tax
borrowing constraints
short-sale constraints
stock market volatility
incomplete markets
differences of opinion
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Buss, Adrian
Dumas, Bernard
Uppal, Raman
Vilkov, Grigory
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe
- (wo)
-
Frankfurt a. M.
- (wann)
-
2016
- DOI
-
doi:10.2139/ssrn.2870525
- Handle
- URN
-
urn:nbn:de:hebis:30:3-393016
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Buss, Adrian
- Dumas, Bernard
- Uppal, Raman
- Vilkov, Grigory
- Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe
Entstanden
- 2016
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