5 เมษายน 2559
20161459814400000A Market Based Solution for Fire Sales and Other Pecuniary Externalities
Abstract
We show how bundling, exclusivity and additional markets internalize fire sale and other pecuniary externalities. Ex ante competition can achieve a constrained efficient allocation. The solution can be put rather simply: create segregated market exchanges which specify prices in advance and price the right to trade in these markets so that participant types pay, or are compensated, consistent with the market exchange they choose and that type's excess demand contribution to the price in that exchange. We do not need to identify and quantify some policy intervention. With the appropriate ex ante design we can let markets solve the problem.
ข้อคิดเห็นที่ปรากฏในบทความนี้เป็นความเห็นของผู้เขียน ซึ่งไม่จำเป็นต้องสอดคล้องกับความเห็นของสถาบันวิจัยเศรษฐกิจป๋วย อึ๊งภากรณ์
