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Public Stock Ownership

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  • Giacomo CORNEO

Abstract

The government of a country with a good financial reputation could borrow from the international capital market and use the proceeds to endow a sovereign wealth fund that mainly invests in the world stock market. In expectation, this country would gain the equity risk premium multiplied by the size of the fund. This gain could be earmarked to a social dividend. This paper deals with the conditions under which such a policy is welfare-improving, discusses the optimal size of such a fund, and proposes an institutional framework for the management of public stock ownership.

Suggested Citation

  • Giacomo CORNEO, 2018. "Public Stock Ownership," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(1), pages 11-24, March.
    • Handle: RePEc:bla:annpce:v:89:y:2018:i:1:p:11-24
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    File URL: http://onlinelibrary.wiley.com/doi/10.1111/apce.2018.89.issue-1/issuetoc
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    Cited by:

    1. Carnevali, Emilio & Sommacal, Matteo, 2023. "On the Takeover Mechanism in Market Socialism," MPRA Paper 117919, University Library of Munich, Germany.
    2. Clemens Fuest & Christa Hainz & Volker Meier & Martin Werding & Giacomo Corneo & Hans Peter Grüner & Dennis Huchzermeier & Bert Rürup & Andreas Knabe & Joachim Weimann & Christine Bortenlänger & Donat, 2019. "Staatsfonds für eine effiziente Altersvorsorge: Welche innovativen Lösungen sind möglich?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(14), pages 03-24, July.
    3. Emilio Carnevali & Matteo Sommacal, 2024. "On the takeover mechanism in market socialism," Journal of Economics, Springer, vol. 141(3), pages 223-243, April.

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