BIS paper tackles redistributive effects of regulation
Problem framed as redistribution between Wall St and Main St
A working paper published today by the Bank for International Settlements (BIS) eschews the approach of previous papers that study the impact of regulation on efficiency, instead looking at redistribution.
In The redistributive effects of financial deregulation: Wall Street versus Main Street, authors Anton Korinek and Jonathan Kreamer divide the economy into a financial sector ("Wall Street") and the real economy ("Main Street"). They build a model where Main Street wishes to achieve a stable
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