2020
DOI: 10.1002/ijfe.1985
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Analysis of macro‐prudential and ex post financial crisis interventions: Relevance of the fiscal‐policy setup

Abstract: In the analysis of financial crises from the pecuniary externality perspective, it is common to assume that (a) lenders overlook the effect of lump‐sum taxes/subsidies on borrowers' debt repayment capacity and (b) there is a balanced‐budget fiscal policy. By modifying the first assumption (i.e., the financial constraint) we find a significant result for the debate on ex‐ante vs. ex post crisis interventions: the latter could be completely ineffective to manage crises and, instead, macro‐prudential policies are… Show more

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