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Lender Liability for Environmental Risk Revisited


  • Ono, Tetsuo
  • Maeda, Yasuo


There have been opposing conclusions in the literature as to whether lender liability increases the probability of environmentally harmful accidents. This paper shows that s multiplicity of equilibria is the key to solve such contradictory conclusions.

Suggested Citation

  • Ono, Tetsuo & Maeda, Yasuo, 2003. "Lender Liability for Environmental Risk Revisited," Discussion Paper 152, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:piedp1:152 Note: This paper was presented at APFA Finance Conference in 2002 held in Tokyo.

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    References listed on IDEAS

    1. Azariadis, Costas & Reichlin, Pietro, 1996. "Increasing returns and crowding out," Journal of Economic Dynamics and Control, Elsevier, vol. 20(5), pages 847-877, May.
    2. Alogoskoufis, George S. & van der Ploeg, Frederick, 1991. "On budgetary policies, growth, and external deficits in an interdependent world," Journal of the Japanese and International Economies, Elsevier, vol. 5(4), pages 305-324, December.
    3. Kazuo Mino & Akihisa Shibata, 2000. "Growth and Welfare Effects of Monetary Expansion in an Overlapping-generations Economy," The Japanese Economic Review, Japanese Economic Association, vol. 51(3), pages 407-430, September.
    4. Neil Rankin & Barbara Roffia, 2003. "Maximum Sustainable Government Debt in the Overlapping Generations Model," Manchester School, University of Manchester, vol. 71(3), pages 217-241, June.
    5. Trehan, Bharat & Walsh, Carl E, 1991. "Testing Intertemporal Budget Constraints: Theory and Applications to U.S. Federal Budget and Current Account Deficits," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(2), pages 206-223, May.
    6. Futagami, Koichi & Shibata, Akihisa, 1999. "Welfare effects of bubbles in an endogenous growth model," Research in Economics, Elsevier, vol. 53(4), pages 381-403, December.
    7. Ganelli, Giovanni, 2007. "Fiscal policy rules in an overlapping generations model with endogenous labour supply," Journal of Economic Dynamics and Control, Elsevier, vol. 31(3), pages 1015-1036, March.
    8. Joydeep Bhattacharya & Noritaka Kudoh, 2002. "Tight money policies and inflation revisited," Canadian Journal of Economics, Canadian Economics Association, vol. 35(2), pages 185-217, May.
    9. de la Croix,David & Michel,Philippe, 2002. "A Theory of Economic Growth," Cambridge Books, Cambridge University Press, number 9780521001151, March.
    10. Futagami, Koichi & Morita, Yuichi & Shibata, Akihisa, 1993. " Dynamic Analysis of an Endogenous Growth Model with Public Capital," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(4), pages 607-625, December.
    11. Christ, Carl F, 1979. "On Fiscal and Monetary Policies and the Government Budget Restraint," American Economic Review, American Economic Association, vol. 69(4), pages 526-538, September.
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    More about this item


    Environmental Risk; Lender Liability;

    JEL classification:

    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law


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