Masciandaro, Donato; Passarelli, Francesco - In: Journal of Banking & Finance 37 (2013) 2, pp. 587-596
problem may be solved, at least partially, either by financial regulation or by taxation. From a normative viewpoint, taxation … is superior in many respects. However, reality shows that financial regulation is adopted more frequently. This paper … makes a positive, politico-economic argument. If the majority chooses regulation, the level is likely to be too harsh. If it …