| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22763 |
| 来源ID | Working Paper 22763 |
| Fiscal Risk and the Portfolio of Government Programs | |
| Samuel G. Hanson; David S. Scharfstein; Adi Sunderam | |
| 发表日期 | 2016-10-24 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | In this paper, we develop a new model for government cost-benefit analysis in the presence of risk. In our model, a benevolent government chooses the scale of a risky project in the presence of two key frictions. First, there are market failures, which cause the government to perceive project payoffs differently than private households do. This gives the government a "social risk management" motive: projects that ameliorate market failures when household marginal utility is high are appealing. The second friction is that government financing is costly because of tax distortions. This creates a "fiscal risk management" motive: incremental spending that occurs when total government spending is already high is particularly unattractive. A first key insight is that the government's need to manage fiscal risk frequently limits its capacity for managing social risk. A second key insight is that fiscal risk and social risk interact in complex ways. When considering many potential projects, government cost-benefit analysis thus acquires the flavor of a portfolio choice problem. We use the model to explore how the relative attractiveness of two technologies for promoting financial stability—bailouts and regulation—varies with the government's fiscal burden and characteristics of the economy. |
| 主题 | Macroeconomics ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Public Economics ; Public Goods |
| URL | https://www.nber.org/papers/w22763 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580436 |
| 推荐引用方式 GB/T 7714 | Samuel G. Hanson,David S. Scharfstein,Adi Sunderam. Fiscal Risk and the Portfolio of Government Programs. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22763.pdf（318KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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