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A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk
Acharya, Viral V. - 2011
We show that financial sector bailouts and sovereign credit risk are intimately linked. A bailout benefits the economy …-financial sector to fund the bailout may be inefficient since it weakens its incentive to invest, decreasing growth. Instead, the … sovereign may choose to fund the bailout by diluting existing government bondholders, resulting in a deterioration of the …
Persistent link: https://www.econbiz.de/10013123694
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A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk
Archarya, Viral V. - 2013
sovereigns and banks for 2007-11, we show that bailouts triggered the rise of sovereign credit risk. We document that post-bailout …
Persistent link: https://www.econbiz.de/10013090988
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A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk
Acharya, Viral V. - 2015
sovereigns and banks for 2007-11, we show that bailouts triggered the rise of sovereign credit risk. We document that post-bailout …
Persistent link: https://www.econbiz.de/10013037894
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A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk
Acharya, Viral V. - 2013
We show that nancial sector bailouts and sovereign credit risk are intimately linked. A bailout benets the economy by … bailout may be inecient since it weakens its incentive to invest, decreasing growth. Instead, the sovereign may choose to fund … the bailout by diluting existing government bondholders, resulting in a deterioration of the sovereign's creditworthiness …
Persistent link: https://www.econbiz.de/10013080020
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A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk
Acharya, Viral V. - 2011
We show that financial sector bailouts and sovereign credit risk are intimately linked. A bailout benefits the economy …-financial sector to fund the bailout may be inefficient since it weakens its incentive to invest, decreasing growth. Instead, the … sovereign may choose to fund the bailout by diluting existing government bondholders, resulting in a deterioration of the …
Persistent link: https://www.econbiz.de/10012461522
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Bank use of sovereign CDS in the eurozone crisis : hedging and risk incentives
Acharya, Viral V.; Gündüz, Yalın; Johnson, Tim - 2018
Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008-2013. Banks used the sovereign CDS market to extend, rather than hedge, their long exposures to sovereign risk during this period....
Persistent link: https://www.econbiz.de/10011888333
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The ICA-based factor decomposition of the Eurozone sovereign CDS spreads
Fabozzi, Frank J.; Giacometti, Rosella; Tsuchida, Naoshi - 2015
Persistent link: https://www.econbiz.de/10011375946
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Intraday dynamics of euro area sovereign credit risk contagion
Komárek, Luboš; Ters, Kristyna; Urban, Jörg - 2016
Persistent link: https://www.econbiz.de/10011535645
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Bank Use of Sovereign CDS in the Eurozone Crisis : Hedging and Risk Incentives
Acharya, Viral V. - 2019
Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008-2013. Banks used the sovereign CDS market to extend, rather than hedge, their long exposures to sovereign risk during this period....
Persistent link: https://www.econbiz.de/10012898392
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Credit Risk Contagion Before and During the Euro Area Sovereign Debt Crisis : Evidence from Central Europe
Ters, Kristyna - 2016
We examine whether sovereign credit risk shocks emanating from the GIIPS countries had an effect on central European countries such as the Czech Republic, Hungary, Poland and Slovakia (the Visegrad group). In addition to the GIIPS and Visegrad group countries we als include Austria, France and...
Persistent link: https://www.econbiz.de/10012979718