Showing results 1 - 5 of 5
| David Scharfstein | Samuel Hanson | Adi Sunderam
Social Risk, Fiscal Risk, and the Portfolio of Government Program. Samuel Hanson, David Scharfstein, Adi Sunderam, June 2018, Paper, "We 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 scale risk. Social risk management makes attractive programs that ameliorate…
| David Scharfstein | John C. Coates | John Dionne
GE Capital after the Crisis. John Coates, John Dionne, David S. Scharfstein, April 2017, Case, "Keith Sherin, CEO of GE Capital, faced a decision on which hinged billions of dollars and the fate of one of America’s most storied companies. On his desk sat two secret analyses: Project Beacon, a proposal to spin off most of GE Capital to GE shareholders, and Project Hubble, a proposal to sell off GE Capital in parts. A third document sketched out…
| David Scharfstein | Samuel Hanson | Adi Sunderam
An Evaluation of Money Market Fund Reform Proposals. Samuel Hanson, David S. Scharfstein, Adi Sunderam, April 2013, Paper. "We analyze the leading reform proposals to address the structural vulnerabilities of money market mutual funds (MMFs). We assume that the main goal of MMF reform is safeguarding financial stability. In light of this goal, reforms should reduce the ex ante incentives for MMFs to take excessive risk and increase the ex post…
| David Scharfstein | Adi Sunderam
The Economics of Housing Finance Reform. David Scharfstein and Adi Sunderam, August 1, 2011, Paper. “This paper analyzes the two leading types of proposals for reform of the housing finance system: (i) broad-based, explicit, priced government guarantees of mortgage-backed securities (MBS) and (ii) privatization. Both proposals have drawbacks. Properly-priced guarantees would have little effect on mortgage interest rates relative to unguaranteed…
| David Scharfstein | Jeremy Stein
Basel Needs a Firm Hand and Fewer Delays. Jeremy Stein, David Scharfstein, September 13, 2010, Op-Ed. "This weekend top central bankers announced agreement on Basel III, the new rules to enhance global capital standards for banks. The agreement, which will now be presented to the Group of 20 leading nations summit in Seoul this November, represents a significant and welcome increase in the capital that banks will be required to hold. However,…