期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2001
卷号：2001
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：When the asset market is incomplete, there typically exist taxes on trades in
assets and a redistribution of revenue in the asset market that are Pareto im-
proving.
The policy is anonymous, it economizes on complexity, and it results in ex
post Pareto optimal allocations; it is publicly announced before markets open,
thus fully and correctly anticipated by traders, it does not require that financial
markets be shut down, and it does not modify the asset market structure. As
such, it improves over previously proposed constrained interventions.
