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dc.contributor.authorHanson, Samuel
dc.contributor.authorScharfstein, David
dc.contributor.authorSunderam, Adi
dc.date.accessioned2019-01-18T14:11:11Z
dc.date.issued2019-06-01
dc.identifier.citationHanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "Social Risk, Fiscal Risk, and the Portfolio of Government Programs." Review of Financial Studies (June 2019)en_US
dc.identifier.issn0893-9454en_US
dc.identifier.issn1465-7368en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:38035039*
dc.descriptionkeywords (topics picked by HBS librarians): Risk Management, Government and Politics, Programs, Other places to link: http://www.nber.org/papers/w22763 Link to publisher: https://academic.oup.com/rfs/advance-article-abstract/doi/10.1093/rfs/hhy086/5068154?redirectedFrom=fulltext Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "Social Risk, Fiscal Risk, and the Portfolio of Government Programs." Review of Financial Studies (forthcoming). (Internet Appendix Here:http://www.people.hbs.edu/shanson/Govt_Programs_IA_20180623.pdf.)en_US
dc.description.abstractWe develop a model of government portfolio choice in which a benevolent government chooses the scale of risky projects in the presence of market failures and tax distortions. These two frictions generate motives to manage social risk and fiscal risk. Social risk management makes attractive programs that ameliorate market failures in bad economic times. Fiscal risk management makes unattractive programs that entail large government outlays at times when other programs in the government's portfolio also require large outlays. We characterize the determinants of social and fiscal risk and argue that these two risk management motives often conflict. Using the model, we explore how the attractiveness of different financial stability programs varies with the government's fiscal burden and with characteristics of the economy.en_US
dc.language.isoen_USen_US
dc.publisherOxford University Press (OUP)en_US
dc.relationReview of Financial Studiesen_US
dc.relation.hasversionhttps://www.nber.org/papers/w22763en_US
dash.licenseOAP
dc.subjectEconomics and Econometricsen_US
dc.subjectAccountingen_US
dc.subjectFinanceen_US
dc.titleSocial Risk, Fiscal Risk, and the Portfolio of Government Programsen_US
dc.typeJournal Articleen_US
dc.description.versionAccepted Manuscripten_US
dc.relation.journalThe Review of Financial Studiesen_US
dash.depositing.authorHanson, Samuel
dc.date.available2019-01-18T14:11:11Z
dash.affiliation.otherHarvard Business Schoolen_US
dc.identifier.doi10.1093/rfs/hhy086
dash.contributor.affiliatedScharfstein, David
dash.contributor.affiliatedSunderam, Aditya
dash.contributor.affiliatedHanson, Samuel


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