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Information Management in Banking Crises

Shapiro, Joel; Skeie, David - C.E.P.R. Discussion Papers - 2013

A regulator resolving a bank faces two audiences: depositors, who may run if they believe the regulator will not …

Persistent link: https://www.econbiz.de/10011084160

Too-Systemic-To-Fail: What Option Markets Imply About Sector-wide Government Guarantees

Kelly, Bryan; Lustig, Hanno; van Nieuwerburgh, Stijn - C.E.P.R. Discussion Papers - 2012

We examine the pricing of financial crash insurance during the 2007-2009 financial crisis in U.S. option markets. A large amount of aggregate tail risk is missing from the price of financial sector crash insurance during the financial crisis. The difference in costs of out-of-the-money put...

Persistent link: https://www.econbiz.de/10011083289

Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis

Acharya, Viral V; Mora, Nada - C.E.P.R. Discussion Papers - 2011

hedge to fund drawn credit lines and other commitments. We shed new light on this issue by studying the behavior of bank …

Persistent link: https://www.econbiz.de/10009399713

Regulatory Reform After the Crisis: Opportunities and Pitfalls

Beck, Thorsten - C.E.P.R. Discussion Papers - 2010

The recent crisis has led to a thriving academic and policy debate on the future regulation of financial institutions and markets. This paper argues that the objective of securing financial stability should be balanced with the goal of fostering financial deepening and efficiency, especially in...

Persistent link: https://www.econbiz.de/10008468512

Financial Black-Holes: The Interaction of Financial Regulation and Bailout Guarantees

Rancière, Romain; Tornell, Aaron - C.E.P.R. Discussion Papers - 2011

This paper argues that the U.S. financial crisis is a new type of crisis: a "financial black hole." Financial black holes are characterized by the breaking-up of credit market discipline and the large-scale financing of negative NPV projects. In a theoretical model, we explain how the...

Persistent link: https://www.econbiz.de/10008854497

A Critical Evaluation of Bail-in as a Bank Recapitalisation Mechanism

Avgouleas, Emilios; Goodhart, Charles A - C.E.P.R. Discussion Papers - 2014

Many of the world’s developed economies have introduced, or are planning to introduce, bank bail-in regimes. Both the … planned EU resolution regime and the European Stability Mechanism Treaty involve the participation of bank creditors in … bearing the costs of bank recapitalization via the bail-in process as one of the (main) mechanisms for restoring a failing …

Persistent link: https://www.econbiz.de/10011083962

Moral and Social Constraints to Strategic Default on Mortgages

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

We use survey data to study American households’ propensity to default when the value of their mortgage exceeds the value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing defaults are strategic. We also find that no household...

Persistent link: https://www.econbiz.de/10005039578

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011213304

Global Liquidity and Drivers of Cross-Border Bank Flows

Cerutti, Eugenio; Claessens, Stijn; Ratnovski, Lev - C.E.P.R. Discussion Papers - 2014

This paper studies the determinants of global liquidity using data on cross-border bank flows, with a longer time … liquidity is driven primarily by uncertainty (VIX), US monetary policy (term premia), and UK and Euro Area bank conditions … tools, and bank regulation. …

Persistent link: https://www.econbiz.de/10011145399

Credit Rationing and Crowding-Out During the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862

Temin, Peter; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2004

-out hypothesis. Using a unique set of observations on lending volume at a London goldsmith bank, Hoare’s, we document the impact of …

Persistent link: https://www.econbiz.de/10005504267

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