Social risk, fiscal risk, and the portfolio of government programs
We develop a model of government portfolio choice in which the government chooses the scale of risky projects in the presence of market failures and tax distortions. These frictions motivate the government to manage social risk and .scal risk. Social risk management favors programs that ameliorate m...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Oxford University Press
2019
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| Online Access: | View Fulltext in Publisher |