Titlebook: Government Risk-Bearing; Proceedings of a Con Mark S. Sniderman Conference proceedings 1993 Springer Science+Business Media New York 1993 B

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The PBGC: A Costly Lesson in the Economics of Federal Insurance,The inherent conflict created by federal insurance programs is the tension between compassion and productivity—the struggle to compensate people who suffer losses without destroying the incentives that create wealth. An analysis of the Pension Benefit Guaranty Corporation (PBGC) illustrates how difficult this struggle can be.

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Information and Incentives to Improve Government Risk-Bearing,The papers presented at this conference have compared deposit insurance with a variety of different insurance programs. I would like to shift perspective to an encompassing view of government risk-bearing, highlighting some of the key insights that I have gleaned in recent years and addressing some issues that deserve more attention and research.

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ing and volume ofprivate debt and, consequently, resource allocation between competing alternatives. What is often not fully appreciated is the substantial influence the federal government wields overresource allocation through its provisionofcreditandrisk-bearing services to the private economy. Be

DEAWL

大笑

疏忽

Prophylaxis

DECRY

Institutional Control and Large-scale, Long-term Hazards,d either workers or consumers. Significant externalities are created by many of these risks, including environmentsal disasters such as the Exxon Valdez oil spill, potential nuclear-plant accidents such as Three Mile Island, and toxic waste dumps that threaten local communities and water supplies.

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Perspectives on the Role of Government Risk-Bearing within the Financial Sector,he magnitude of these risk-bearing activities is enormous: In recent years, government loans and guaranteed loans (for which government bears the risk of default) have account for as much as one-third of all private lending in the United States.

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