Where to Draw Lines: Stability Versus Efficiency

Thomas J. Sargent

doi:10.1111/j.1468-0335.2010.00875.x

Where to Draw Lines: Stability Versus Efficiency

Thomas J. Sargent

Research output: Contribution to journal › Article › peer-review

Abstract

What kinds of assets should financial intermediaries be permitted to hold? What kinds of liabilities should they be allowed to issue? Should a government or a central bank offer explicit deposit insurance or implicit deposit insurance by acting as a lender of last resort? This paper reviews how tensions involving stability versus efficiency, and regulation versus laissez faire, have for centuries run through macroeconomic analysis of these questions.

Original language	English (US)
Pages (from-to)	197-214
Number of pages	18
Journal	Economica
Volume	78
Issue number	310
DOIs	https://doi.org/10.1111/j.1468-0335.2010.00875.x
State	Published - Apr 2011

ASJC Scopus subject areas

Economics and Econometrics

Access to Document

10.1111/j.1468-0335.2010.00875.x

Cite this

@article{63e5467e34d9436eb842603edf939247,

title = "Where to Draw Lines: Stability Versus Efficiency",

abstract = "What kinds of assets should financial intermediaries be permitted to hold? What kinds of liabilities should they be allowed to issue? Should a government or a central bank offer explicit deposit insurance or implicit deposit insurance by acting as a lender of last resort? This paper reviews how tensions involving stability versus efficiency, and regulation versus laissez faire, have for centuries run through macroeconomic analysis of these questions.",

author = "Sargent, {Thomas J.}",

year = "2011",

month = apr,

doi = "10.1111/j.1468-0335.2010.00875.x",

language = "English (US)",

volume = "78",

pages = "197--214",

journal = "Economica",

issn = "0013-0427",

publisher = "Wiley-Blackwell Publishing Ltd",

number = "310",

}

TY - JOUR

T1 - Where to Draw Lines

T2 - Stability Versus Efficiency

AU - Sargent, Thomas J.

PY - 2011/4

Y1 - 2011/4

N2 - What kinds of assets should financial intermediaries be permitted to hold? What kinds of liabilities should they be allowed to issue? Should a government or a central bank offer explicit deposit insurance or implicit deposit insurance by acting as a lender of last resort? This paper reviews how tensions involving stability versus efficiency, and regulation versus laissez faire, have for centuries run through macroeconomic analysis of these questions.

AB - What kinds of assets should financial intermediaries be permitted to hold? What kinds of liabilities should they be allowed to issue? Should a government or a central bank offer explicit deposit insurance or implicit deposit insurance by acting as a lender of last resort? This paper reviews how tensions involving stability versus efficiency, and regulation versus laissez faire, have for centuries run through macroeconomic analysis of these questions.

UR - http://www.scopus.com/inward/record.url?scp=79952684809&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=79952684809&partnerID=8YFLogxK

U2 - 10.1111/j.1468-0335.2010.00875.x

DO - 10.1111/j.1468-0335.2010.00875.x

M3 - Article

AN - SCOPUS:79952684809

SN - 0013-0427

VL - 78

SP - 197

EP - 214

JO - Economica

JF - Economica

IS - 310

ER -

Where to Draw Lines: Stability Versus Efficiency

Abstract

ASJC Scopus subject areas

Access to Document

Other files and links

Fingerprint

Cite this