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Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk-taking by earning greater expected returns. However, risktaking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. We describe a Pareto frontier along which different levels of risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial sector at the expense of the rest of the economy.
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The Band Director's Guide to Success is the ideal guide for preparing future band directors for the practical challenges and obstacles that they will face in the introductory years of their teaching careers. Written in an easy to understand, quick-reference guide format, this book is designed to be easily navigated as a series of case studies arranged by topic in concise, user-friendly chapters ranging from budgeting to classroom management to conflict resolution and beyond. This manual and career guide in one may be used as a supplemental text with suggestions and practical advice to spare new music teachers from many of the initial headaches and stress that often accompany the transition into the full-time teaching profession.
This volume consists of abstracts of genealogical data from four of New York's earliest newspapers--the New-York Gazette (1726-1744) and the New-York Weekly Journal (1733-1751), the two earliest city papers, and the New-York Mercury and the Weekly Mercury (1752-1783). These newspapers were originally produced as weeklies and usually consisted of four pages, with occasional supplementary issues. Their subject matter encompassed essays, treatises, parliamentary proceedings, governors' messages, European and West Indian news, shipping news, incidents culled from other newspapers, and many advertisements. In this volume of abstracts may be found items yielding information concerning marriage, bi...