Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/269130 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
ECB Working Paper No. 2723
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper studies optimal second-best corrective regulation, when some agents/activities cannot be perfectly regulated. We show that policy elasticities and Pigouvian wedges are sufficient statistics to characterize the marginal welfare impact of regulatory policies in a large class of environments. We show that a subset of policy elasticities, leakage elasticities, determine optimal second-best policy, and characterize the marginal value of relaxing regulatory constraints. We apply our results to scenarios with unregulated agents/activities, uniform regulation across agents/activities, and costly regulation. We illustrate our results in applications to financial regulation with environmental externalities, shadow banking, behavioral distortions, asset substitution, and fire sales.
Schlagwörter: 
corrective regulation
second-best policy
Pigouvian taxation
JEL: 
H23
Q58
G28
D62
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-5310-8
Dokumentart: 
Working Paper

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